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Alibaba's Jack Ma Donates $14M For Coronavirus Vaccine Research Efforts

Alibaba Group Holdings Ltd. (NYSE: BABA) co-founder Jack Ma has donated $14 million (100 million yuan) towards the research efforts for developing a vaccine against the novel Coronavirus through his non-profit organization.

Benzinga · 01/30/2020 12:16

Alibaba Group Holdings Ltd. (NYSE: BABA) co-founder Jack Ma has donated $14 million (100 million yuan) towards the research efforts for developing a vaccine against the novel Coronavirus through his non-profit organization.

What Happened

$5.8 million from the donation will go towards two government-run research organizations, while the rest will be used to support prevention and treatment measures, the Jack Ma Foundation said, as reported by CNN.

Alibaba on Saturday had announced a separate fund of $144 million for the relief efforts in Hubei province, in particular, its capital city Wuhan, which is at the center of this outbreak.

Microsoft Corporation (NASDAQ: MSFT) Bill Gates and his wife Melinda Gates announced a $10 million fund last Sunday through their foundation.

Various corporate companies, both from China and internationally, have announced similar funds.

Apple Inc. (NASDAQ: AAPL) CEO Tim Cook on Saturday said that the company would donate to "groups on the ground helping support all of those affected" by the virus, without disclosing any specific commitments.

According to Chinese publication Caixin Global, Baidu Inc. (NASDAQ: BIDU) and Tencent Holdings Ltd. (OTC: TCEHY) has earmarked $43 million, and Tencent has donated about $43 million to fight the virus. The companies are also contributing by providing technological infrastructure.

Why It Matters

The Coronavirus has claimed the lives of more than 170 victims so far, according to official numbers posted by state-run Xinhua News Agency. The total number of confirmed cases has risen to 7,711.

The rising numbers are matching the SARS outbreak of 2003, where a little over 8,000 cases were reported and led to the death of 774 people.

Price Action

Alibaba's shares closed 0.84% higher at $212.02 on Wednesday in New York. The shares traded slightly lower in after-hours at $211.73.

Photo Credit: Public domain photo via Wikimedia.