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Alibaba's major shareholder sells one billion holdings

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James Kiley
Jun 01, 2016 05:57
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The Japanese mobile operator Softbank sells shares to a value of at least $ 7.9 billion, over 66 billion of its large shareholding in the Chinese Alibaba.

Revenues will be used by the company to pay off the debts.

Read more: Alibaba borrow 25 billion - plans uppköpsräd

It takes the same time as the company struggles to revive the US telecom operator Sprint which was bought three years ago, writes the Wall Street Journal.

Read more: Alibaba challenge MTG with its own e-sports tournament

The investment from Softbank side in Alibaba was the first time in 2000 when founder and CEO Masayoshi Son invested $ 20 million in it at the time, small e-commerce company.

Since then, Alibaba has developed at a furious pace and now has a market capitalization of over $ 200 billion.

Di Digital / TT / Finwire

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James Kiley
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