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Alibaba (NYSE:) shares dropped nearly 6% on Wednesday after Financial Times reported that SoftBank (TYO:) (OTC:) intends to sell nearly its entire stake in China’s e-commerce giant, as it struggles with a severe rout in its technology investments.

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The reported impending sale, which comes after Softbank offloaded about $7.2 billion worth of Alibaba shares this year and a record $29B in 2022, will cut its share in Alibaba to just 3.8%.

The news comes as Alibaba’s shares surged in March due to the announcement of its plan to split into six entities, while improving economic conditions in China and reduced regulatory scrutiny also drove investor interest in the stock.

The company will report its Q1/23 earnings results on May 18.

3 more insider buys

Nogin (NASDAQ:) saw several insider buys, including from the CEO, Jonathan Huberman, who purchased 1,011,828 shares, or more than $3 million worth, as well as CFO, Shahriyar Rahmati, with 200,000 shares, or $600,000 worth, CTO, Geoffrey Van Haeren, with 33,333 shares, or approximately $100,000 worth, 10% owner, Stephen Choi, with 333,333 shares, or approximately $1M worth, and Director, Hussain Baig, with 83,333 shares, or around $250,000 worth, at $3.

Shares surged more than 19% on Tuesday, closing the week with a more than 55% gain.

Terawulf (NASDAQ:) CEO, Paul Prager, purchased 100,000 shares, or $137,300 worth, at $1.373.

Shares closed the week with a 44% gain.

Sunrise New Energy (NASDAQ:) Chairman, Mr. Haiping Hu acquired 20,000 shares, or more than $55,000 worth, at $2.78.

The company announced on Friday that its revenues for the first 3 months of 2023 reached $8M, which represents a 1,718% year-over-year growth.

Shares fell more than 16% this week.

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