Alibaba Group founder Jack Ma has increased his holding in the company with a share purchase worth more than HK$60 million, or about $7.65 million, according to a Techub News brief citing Tech in Asia. The move comes as Alibaba continues to raise its investment in artificial intelligence.
The update also said Alibaba shares rose 3.4% after the company released its quarterly results. In its earnings report, management pointed to the growth outlook tied to its spending on AI technology. The buying activity and the company’s comments on AI arrived in the same period, putting fresh attention on Alibaba’s push in the sector.
No other transaction details were disclosed in the brief. The report focused on the size of Ma’s purchase, the company’s latest share-price reaction following earnings, and management’s stated view that AI investment supports future growth.
Alibaba Group founder Jack Ma has bought more company stock worth over HK$60 million, or about $7.65 million, according to Techub News, which cited Tech in Asia.
The purchase comes as Alibaba continues to increase its investment in artificial intelligence. After the company released its quarterly earnings, Alibaba shares rose 3.4%. Management said in the earnings report that investment in AI technology supports the company’s growth outlook.
The report cited Tech in Asia as the source of the information.
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