Alibaba.com Chairman Jack Ma raised US$34.8 million by selling 13 million shares, the first time he has sold any Alibaba stock since the company was listed in Hong Kong in 2007, the Wall Street Journal reported. The shares were less than 5% of Ma’s total direct and indirect holdings in Alibaba, a spokesman for the company said. Ma sold the shares at an average price of HK$20.78 (US$2.68), a 4% discount on Tuesday’s closing price of HK$21.65 (US$2.79). According to an internal memo, Ma had made a personal decision to sell the shares to give his family "a sense of accomplishment" and donate some money to charity. The memo also stated that the share sale should not affect Alibaba’s stock price.