The report did not say when Ma sold his shares or for how much. At the current market price, the stake would be worth about $8.2 billion. Ma retired last year as the company’s executive chairman at the age of 55 and said he would devote his time to philanthropy.

In May, Alibaba (BABA) said its digital platforms now account for one-sixth of all retail sales in China and it expected to grow even more as the Covid-19 pandemic drove more consumers and business online.