Charlie Munger-tied Daily Journal cuts Alibaba stake in half
Charles Thomas Munger, vice chairman of Berkshire Hathaway.

Asian Tech Press (Apr. 12) -- Daily Journal Corp., the Los Angeles-based publishing and software company tied to Charlie Munger, cut its stake in Chinese internet giant Alibaba Group Holding Ltd by roughly half.

The company that counts Charlie Munger as one of the overseers of its stock portfolio owned 300,000 Alibaba's American depositary shares worth $32.6 million as of March 31, according to a SEC filing Monday.

The reduction accounted for nearly half of the company's stake in Alibaba, Daily Journal held 602,060 shares in the fourth quarter of last year.

The price of Alibaba's ADS has fallen 15% this year, and 68% from its October 2020 peak.

Daily Journal announced in March that Munger, the 98-year-old billionaire, would step down as chairman but still hold a seat on the board.

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