Crypto Advocate Joseph Tsai Named Chairman of Alibaba Group

• The Taiwanese-Canadian business mogul’s worth is approximately $8 billion.
• Tsai, who is now Executive Vice Chairman, will take over from Daniel Zhang.

Joseph Tsai has been named the next Chairman of Alibaba Group, a Chinese technology corporation specializing in e-commerce, succeeding Daniel Zhang. The Taiwanese-Canadian business mogul is worth billions of dollars. And his name has been attached to a number of other cryptocurrency and digital asset-related endeavors.

Blue Pool Capital, the company that manages Tsai’s personal funds, reportedly contributed to two investment rounds for the defunct cryptocurrency exchange FTX, according to recent reports.

Tsai, who is now Executive Vice Chairman, will take over from Daniel Zhang on September 10 of this year. Eddie Yongming Wu will replace Zhang on the Alibaba Group Board of Directors and take over as CEO.

Emphasis on Technology and Innovation

The latter says he’s looking forward to working with the new leaders. And will continue to manage Alibaba’s Cloud Intelligence Group. He also promised to lower the entry barrier to cloud computing and AI for businesses of all sizes.

Moreover, Tsai praised Wu for his time as CTO at Taobao and Alipay, saying that he was “instrumental in architecting our technology platforms and guiding our strategic direction.” He expressed optimism that the current leadership of Alibaba, with its emphasis on technology and innovation, can sustain the company’s rapid expansion.

Furthermore, the Taiwanese-Canadian tycoon has shown his bullish outlook on the digital asset market throughout the years. His estimated net worth is approximately $8 billion. Also, at the close of 2021, he made his first public remarks, tweeting simply, “I like crypto.”

Alibaba is a leading global e-commerce platform and one of the world’s top retailers. Also in 2020, it was ranked as the fifth-largest AI business.