Charlie Munger-tied Daily Journal Slashes Alibaba Stake by 50%
2022.04.12 14:12
Charlie Munger-tied Daily Journal (DJCO) Slashes Alibaba (BABA) Stake by 50%
Daily Journal (NASDAQ:DJCO) has halved its stake in the Chinese e-commerce company Alibaba Group (NYSE:BABA), according to a regulatory filing.
The filing showed that Daily Journal held 300,000 Alibaba’s American depositary shares ($32.6 million) as of March 31, down from 602,060 shares it owned at the end of the last year.
The stake cut comes a few months after Daily Journal’s holding in Alibaba almost doubled in size. American depositary shares of the e-commerce giant are down 15% this year.
Last month, American billionaire investor and Warren Buffet’s business partner Charlie Munger stepped down after serving as Daily Journal’s chairman for 45 years.
The publishing company said Munger will remain a director and will be involved in the business operations he already worked on.
Munger is also the vice-chairman of Berkshire Hathaway (NYSE:BRKa) since 1978 and the one who led the conglomerate’s 7% stake purchase in the Chinese electric vehicle maker BYD.
Alibaba stock fell 1.91% yesterday to close at 101.55.
By Senad Karaahmetovic
