Alibaba Group Holding Ltd.'s $10 billion share placement has triggered a sustained selloff that co-founder Jack Ma and senior executives' stock purchases have failed to reverse. The shares remain nearly 6% below their pre-deal close, exceeding the 3%-3.5% earnings dilution analysts estimate from the offering. Investors remain concerned about how the Chinese tech giant is financing its artificial intelligence ambitions, with the placement seen as a signal of capital intensity ahead.

Ma's buying, alongside other top leaders, was intended to restore confidence but has done little to ease skepticism over the company's AI spending trajectory and dilution impact. The persistent gap suggests the market is pricing in broader strategic uncertainty beyond simple arithmetic dilution.