According to a report from Reuters, Alibaba Group Holding Ltd BABA's Chairman Jack Ma and Vice Chairman Joe Tsai have committed to buying $500 million worth of Alibaba's stock.
Reuters, citing China-based Sina News, noted that Ma and Tsai will use their own private funds to finance the share repurchase program. The buyback initiatives is part of a larger $4 billion stock repurchase program Alibaba announced last year to offset the impact of its share-based compensation program.
Shares of Alibaba were trading higher by 0.34 percent at $67.13 ahead of Monday's opening bell and have lost more than 20 percent over the past year.
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