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Alibaba shares fall as SoftBank reportedly sells most of its stake

Published: April 12, 2023 at 8:15 p.m. ET An Alibaba sign is seen outside the company’s office in Beijing in 2021. AFP via Getty Images U.S.-traded shares of Alibaba Group Holding Ltd. sank Wednesday following a report that SoftBank Group Corp. has moved to sell most of its stake in the Chinese tech giant. Citing
Financial Press

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An Alibaba sign is seen outside the company’s office in Beijing in 2021.

AFP via Getty Images

U.S.-traded shares of Alibaba Group Holding Ltd. sank Wednesday following a report that SoftBank Group Corp. has moved to sell most of its stake in the Chinese tech giant.

Citing an analysis of regulatory filings, the Financial Times reported Wednesday that Japan’s SoftBank JP:9984 has sold about $7.2 billion in Alibaba shares this year through prepaid forward contracts, which will eventually lower its stake to just 3.8%.

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