Jack Ma Buys Alibaba in Show of Support for Struggling Empire

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Alibaba had lost more than 40% of its value over the past year, as the company that once defined Chinese e-commerce lost market share to rivals. Photo: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. gained its most in six months on news co-founders Jack Ma and Joseph Tsai have bought some $200 million of its shares, offering investors a positive signal as Chinese stocks weather a market rout.

China’s e-commerce pioneer gained 8% after the New York Times reported Ma, the once-outspoken billionaire who retreated from public view after Beijing clamped down on his empire in 2020, bought about $50 million of stock in the fourth quarter. His longtime confidante Tsai, now the company’s chairman, picked up about $150 million of shares through his family investment vehicle, according to a securities filing.