Alibaba co-founder and executive vice chairman Joseph Tsai has indicated he plans to sell part of his stake in the company through Morgan Stanley, Bloomberg News reported on Friday.

A holding company for Tsai filed this month to sell 3 million of the Chinese firm’s American depositary receipts - which make up roughly 8% of his holding, Bloomberg reported, citing data from The Washington Service - a provider of insider trading data, adding that the document indicated a trading plan.

The stake is worth about $260 million, based on Thursday’s closing price, according to the Bloomberg report.

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Alibaba and Morgan Stanley did not immediately respond to requests for comment. The holding company, Blue Pool Capital, could not immediately be reached for comment.