Alibaba’s Jack Ma, Joe Tsai Pledge Shares for Loans, FT Reports

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Alibaba’s Jack Ma, Joe Tsai Pledge Shares for Loans, FT Reports

(Bloomberg) -- Alibaba Group Holding Ltd.’s largest individual shareholders Jack Ma and Joe Tsai pledged parts of their combined $35 billion stake in the e-commerce giant in exchange for significant loans from banks, the Financial Times reported, citing company documents.

The share pledges were made by offshore companies controlling more than half of the duo’s stake in Alibaba, which stood at 5.8% as of December, according to the FT. The documents didn’t disclose the amount of the share pledges, which began when Alibaba listed in the U.S. in 2014.

The two billionaires pledged their shares to banks including UBS Group AG, Credit Suisse Group AG and Goldman Sachs Group Inc., the newspaper reported.

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