Alibaba's Chairman And Vice Chairman To Buy Back $500 Million In Company Stock

According to a report from Reuters, Alibaba Group Holding Ltd (NYSE: BABA)'s Chairman Jack Ma and Vice Chairman Joe Tsai have committed to buying $500 million worth of Alibaba's stock.

Reuters, citing China-based Sina News, noted that Ma and Tsai will use their own private funds to finance the share repurchase program. The buyback initiatives is part of a larger $4 billion stock repurchase program Alibaba announced last year to offset the impact of its share-based compensation program.

Shares of Alibaba were trading higher by 0.34 percent at $67.13 ahead of Monday's opening bell and have lost more than 20 percent over the past year.