Jack Ma buys $76.5 million of Alibaba stock after AI fundraising
What's new: The purchase followed Alibaba's HK$80 billion share sale as it ramps up spending on chips, data centers and AI models.
Alibaba co-founder Jack Ma bought more than HK$600 million, or about US$76.5 million, of the company’s stock in recent days, adding to insider buying tied to the group’s push into artificial intelligence. Senior executives Joe Tsai and Eddie Wu had already acquired at least US$20 million of shares, according to exchange filings. The purchases came after Alibaba raised HK$80 billion in Hong Kong in the city’s biggest follow-on offering. The company has pledged to spend more than 380 billion yuan over three years on AI, spanning chips, data centers and large language models, even as the heavier investment weighs on margins and weak consumer demand pressures its core e-commerce business.