Alibaba Group Holding Limited has announced a significant leadership restructuring, with Joseph Tsai, an investor and crypto enthusiast, set to become the company’s chairman.
Tsai, currently serving as the executive vice chairman and co-founder of Alibaba, will replace Daniel Zhang, the company’s current CEO. As part of the restructuring, Eddie Yongming Wu, Chairman of Taobao and Tmall Group, will take on the responsibilities of Chief Executive Officer and replace Zhang as a board member. However, Zhang will continue to serve as the Chairman and CEO of the Alibaba Cloud Intelligence Group.
These leadership changes will be effective from September 10, 2023.
The timing of this leadership change is notable as Alibaba Cloud Intelligence Group is preparing to become an independent entity. Zhang believes this transition presents an ideal opportunity for him to pursue a career change, given the group’s promising prospects in the field of generative AI.
Tsai expressed confidence in Zhang’s leadership and asserted that he is the right person to guide Alibaba Cloud Intelligence Group through its next phase of development and expansion.
Tsai’s interest in cryptocurrencies is well-known, as he has publicly expressed his enthusiasm for crypto. In 2021, he tweeted, “I like crypto.”
His family office, Blue Pool Capital, reportedly participated in financing rounds for FTX, a prominent cryptocurrency exchange, making it a minor shareholder. Tsai has also made investments in other cryptocurrency firms, including Shibuya, a web3 video platform, and Polygon, a blockchain platform.
In addition to cryptocurrencies, Tsai has made notable investments in various Web3 ventures. These include Fast Break Labs, a Web3 fantasy sports platform, and Artifact Labs, an NFT platform that originated as a spin-off of the South China Morning Post, where Tsai serves as chairman.
There has been speculation about China potentially lifting cryptocurrency restrictions, especially since Beijing recently published a whitepaper endorsing web3 as an “inevitable trend” for the future. This development may have influenced Tsai’s nomination as chairman.
Alibaba is a Chinese e-commerce giant with a market capitalization of $236 billion. With the change of leadership, Alibaba is well-positioned to navigate the evolving landscape of emerging technologies and strengthen its position in the digital economy. The company looks ahead to continued growth and success under the leadership of Tsai and Zhang in their respective roles.
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