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Meet Alibaba’s next chairman: Joseph Tsai, Brooklyn Nets owner and blockchain investor

Alibaba Group Holding is bringing back Joseph Tsai, who has become a prominent blockchain proponent and owner of the Brooklyn Nets since co-founding the Chinese e-commerce company, to help turn around the struggling technology giant.
Meet Alibaba’s next chairman: Joseph Tsai, Brooklyn Nets owner and blockchain investor
The US-educated Tsai is a longtime ally of fellow Alibaba co-founder Jack Ma.

Tsai understands Alibaba’s business intimately. The two were introduced through a friend and Tsai was right beside Ma at Alibaba’s inception in a Hangzhou lakeside apartment in 1999. Tsai initially worked for a salary of US$50 a month, far from the US$700.000 he was earning at Investor AB. Tsai later served as Alibaba’s chief financial officer until 2013 and became executive vice chairman that same year.

Analysts largely applauded the management changes, but Alibaba’s US-traded shares were down 4.7 per cent mid-morning in New York as some argued that investors first want to see growth. Benchmark’s Fawne Jiang and Long Lin wrote that they “believe that Joe’s takeover as the chairman should help to boost investors’ confidence”.
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