Alibaba Group Holding Limited (NYSE:BABA) co-founder Jack Ma reportedly decided not to reduce his stake in the company following its most significant selloff in over a year. 

The decision to hold onto his shares aligns with Ma's confidence in Alibaba's future despite the company's recent challenges, including scrapping plans to spin off its $11 billion cloud business. This move and other factors led to a $22 billion drop in Alibaba's market value in a single day.

Jiang's note also revealed that Ma's family office had planned to sell shares to fund investments in agricultural enterprises and charities. The sale, arranged earlier this year with a broker, was intended to occur at a price set in August. However, the broker did not anticipate the timing of the sale's disclosure, coinciding with Alibaba's financial results.

The stock has lost 14.2% YTD.

Price Action: BABA shares traded higher by 0.61% at $79.42 premarket on the last check Wednesday.