Altaba Sells Remaining 5.5 Million Shares of Alibaba
The longtime Alibaba shareholder plans to cash out of its enftire position over the next few days.
Altaba, a closed-end fund and longtime holder of the Chinese e-commerce behemoth, Alibaba Group Holding (NYSE: BABA; HKEX: 0700), has started selling its remaining 5.5 million shares of the company, making good on its intention to liquidate, a plan the fund had articulated last year.
The selling began Tuesday, when Altaba sold a million Alibaba shares, cashing out $229 million. The sale of its remaining position is expected to take only a few days, according to Altaba's filing with the SEC.
The fact that Alibaba's stock has risen 35% since September was surely a factor in Altaba's decision to start cashing out. Altaba is run by CEO Thomas Mclnerney.
As of Thursday midday, Alibaba stock was trading at $218.04, down from $227.43 on Friday.
Markets were closed on Monday due to the holiday.