Jack Ma, chairman and CEO of Alibaba Group, claimed on Saturday at the annual gathering of entrepreneurs that on contrary to popular belief, he was not the reason for the dismissal of Yahoo’s CEO Carol Bartz.
Alibaba Group is a privately owned Hangzhou-based family of Internet-based businesses that includes online marketplaces that facilitate business-to-business international and domestic China trade, retail and payment platforms, shopping search engine and data-centric cloud computing services. It is the parent company of Alibaba.com, Taobao Mall, Taobao.com, Etao and Alibaba Cloud Computing.
According to Reuters, Yahoo holds 40% shares of Alibaba. Jack Ma wanted to purchase back Alibaba shares held by Yahoo, but Yahoo was not willing to sell the stocks, which caused a difficult relationship between Ma and Carol Bartz.
Bartz was fired on September 7th. In Ma’s speech on Saturday, he mentioned the recent departure of Yahoo’s CEO, but it had nothing to do with me.
On May 10th, the quarterly report of Yahoo indicated that the company was discussing with Alibaba about the restructuring of online payment business.
On July 29th, Yahoo announced that Alibaba and its two main shareholders, Yahoo and Softbank in Japan, reached an agreement on the compensation plan of Alipay’s related business.
Until Saturday, Yahoo’s stocks have declined about 24% since May.