"Will Alibaba grow more after its chairman changes?"
Alibaba Group, a Chinese technology company focused on e-commerce announced that Joseph Tsai, a Taiwanese-Canadian billionaire businessman will replace Daniel Zhang as the new Chairman for the firm.
It is well known that Tsai is a staunch supporter of cryptocurrency who has been involved with several digital asset projects, where he once participated in two rounds of FTX funding through Blue Pool Capital, an organization that manages Tsai's personal wealth.
Tsai who is currently serving as Executive Vice Chairman will take up his new position on 10 September 2023 while Eddie Yongming Wu will become the Chief Executive Officer (CEO) of Alibaba Group and take Zhang's place on the Board of Directors.
According to Tsai, he vowed to make cloud computing and artificial intelligence (AI) more accessible to businesses and industries while continuing their long-dreamed-of digital transformation.
He added that Wu, who previously worked as the Chief Technology Officer (CTO) of Taobao and Alipay, is among the potential individuals in designing technology platforms and guiding strategic direction.
Therefore, Tsai hopes that Alibaba can continue to grow under the new management by fully focusing on technology and innovation.
In context, Tsai who has a net worth of $8 billion has long displayed his positive stance towards digital assets when in 2021 he wrote the statement "I like crypto" on his Twitter account.
Additionally, Blue Pool Capital not only participated in Polygon's $450 million funding round in February 2022 but also led Artifact Labs' fundraising in March this year.
