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.

CapitalWatch Staff
    Jan 23, 2020 10:00 AM  PT
Altaba Sells Remaining 5.5 Million Shares of Alibaba
author: CapitalWatch Staff   

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.