SoftBank, once Alibaba's largest investor, has sold its stake in the Chinese technology company, it told investors on an earnings call.
SoftBank will gain $34 billion by reducing Alibaba's stake
On Monday, CFO Yoshimitsu Goto said Alibaba had accounted for 48 percent of Softbank's assets in 2020, but now this was "almost zero."
The Japanese investment company initially invested $20 million in Alibaba in 2000 when it was just a startup. CEO Mayashi Son claimed to be fond of Jack Ma and his charisma despite Ma's "wrong" business model.
At the time of Alibaba's IPO, Softbank owned 24 percent of the company. It reportedly fell to 7 percent in December 2022 and 0.5 percent in May last year.
