Alibaba Group – a Chinese technology company specializing in e-commerce – announced that Joseph Tsai will replace Daniel Zhang as the entity’s new Chairman.
The Taiwanese-Canadian billionaire businessman is known as an advocate of the cryptocurrency industry, and his name has been involved with several digital asset projects. Recent sources revealed that Blue Pool Capital – an organization that manages the personal wealth of Tsai – participated in two of the funding rounds of the once-prominent crypto exchange FTX.
Tsai, who currently serves as Executive Vice Chairman, will step into his new role on September 10 this year, replacing Daniel Zhang. For his part, Eddie Yongming Wu will become the Chief Executive Officer of Alibaba Group and take Zhang’s spot on the Board of Directors.
The latter will continue leading Alibaba Cloud Intelligence Group, adding that he looks forward to working with the upcoming executives. He also vowed to make cloud computing and artificial intelligence more accessible for “businesses of all sizes and industries as they continue their digital transformation.”
Tsai highlighted Wu’s previous work as Chief Technology Officer of Taobao and Alipay, claiming he was “instrumental in architecting our technology platforms and guiding our strategic direction.” He raised hopes that Alibaba can keep growing under the new management by focusing on technology and innovation.
“While our current transformation brings in a new corporate organizational and governance structure, Alibaba’s mission remains unchanged. We will continue to enable individuals and businesses to benefit from the digital economy and serve our customers with unique value proposition supported by innovation and our leading technology,” Wu asserted.
The Taiwanese-Canadian businessman, whose net worth is estimated to be nearly $8 billion, has displayed his positive vision of the digital asset sector over the years. Some of his first comments came at the end of 2021 when he simply tweeted: “I like crypto.”
His name was once again linked to the industry in February 2022 when Blue Pool Capital (which Tsai employs as his family office) participated in Polgyon’s $450 million funding round. The firm also led Artifact Labs’ fundraiser in March this year.
However, not all of its investments in the field have been successful. South China Morning Post revealed earlier this year that Blue Pool Capital had taken equity positions in FTX in two funding rounds.
Recall that the exchange filed for bankruptcy in November 2022, marking one of the biggest collapses in the history of crypto.
