(Financial Times) Alibaba’s largest individual shareholders Jack Ma and Joe Tsai will use part of their combined $35 billion stake in the company to secure financing from banks.
The share pledges by Ma and Tsai were announced by offshore entities that control more than half of the duo’s holdings in Alibaba.
The duo pledged shares to banks that included Credit Suisse, UBS Group, and Goldman Sachs.
Ma and his affiliates do not have any outstanding loans collateralized by the e-commerce giant’s shares while Tsai’s loans backed by shares are said to be manageable.
Ma and Tsai’s holdings in Alibaba stood at 5.8% in December.
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