SHANGHAI (Reuters) - Alibaba Group Holding Ltd <BABA.N> said on Monday Chairman Jack Ma and Vice Chairman Joe Tsai have agreed to buy back a combined $500 million in company shares, part of a $4 billion stock repurchase scheme announced in August.
The buyback comes as the e-commerce firm's shares languish at $66.91, more than a dollar off their IPO price of $68, and as it struggles with slowing growth and a gloomy outlook for the Chinese economy.
Sina News reported that Ma and Tsai had signed an agreement to use their private funds to repurchase shares worth $500 million. An Alibaba spokesman confirmed the news but declined to give details.
In August, Alibaba announced the $4 billion share repurchase program which would take place over two years and was aimed at offsetting the impact of its share-based compensation programs.
(Reporting by John Ruwitch; Editing by Miral Fahmy)