Jack Ma buys Alibaba shares to support the stock

Alibaba Group Holding found its way up on the Hong Kong Stock Exchange, touching six-month highs following reports of a share buyback by co-founder Jack Ma. The Chinese tycoon, who retired from public view after Beijing's 2020 squeeze, bought about $50 million worth of shares last quarter. Also reportedly moving in the same direction was Chairman Joseph Tsai, a long-time confidant of Ma's, who reportedly bought around $150 million worth of shares separately in his first investment in the company since 2017.

The billionaire's move would have been necessary due to the current economic situation of the Chinese economy, also as a result of the government's decisions. Alibaba's stock has lost more than 40 per cent of its value over the past year, following the loss of market share to PDD Holdings Inc. and the reshuffle at the top.

Alibaba's difficulties, as well as the surprise exit of former CEO Daniel Zhang, have stimulated speculation that Ma himself may be more directly involved in his company in the near future. Indeed, the co-founder has stepped up his public activity in recent months, although it remains a far cry from the days when he was a regular on the global lecture circuit.

Last November, Ma had broken years of silence to issue a call to arms for employees through an internal company message urging Alibaba to "correct its course" and praised PDD, which has gained market share with the successful shopping app Temu. He added, however, that Alibaba could once again return to success with determination and hard work.

It is unclear whether Ma's move, first reported by the New York Times, marks a reversal of a years-long position. The billionaire was gradually selling his stake in the company to focus on more personal projects, including philanthropy. In documents last year, the billionaire had revealed his intention to sell 10 million shares worth about $870 million.