Billionaire Alibaba co-founder Joseph Tsai selling 8% stake in retailer


Billionaire Alibaba executive vice chairman Joe Tsai plans to sell an 8% stake in the Chinese online retailer he cofounded, according to a recent Securities and Exchange Commission filing, as headwinds coming from Beijing and Washington loom over Alibaba.

Joe Tsai, co-founder of Alibaba Group. | Photo by studioEAST/Getty Images
Forbes Valuation

Tsai, best known in the U.S. as the owner of the NBA’s Brooklyn Nets, is worth US$8.3 billion, according to our latest calculations. Forbes most recently valued the Nets at US$3.5 billion, far past the US$2.35 billion he bought the team for in 2019.

A global pioneer in e-commerce, Alibaba’s US$25 billion initial public offering in 2014 was the largest debut in history at the time. Alibaba’s market capitalization soared to as high as $821 billion in late 2020, but shares of the firm have since tanked more than 70% as the Chinese government targeted Alibaba with antitrust legislation and a US$2.9 billion fine. And political headaches in the U.S. and China have continued to beleaguer Alibaba, with the company’s stock falling 13% the day after Chinese President Xi Jinping secured an unprecedented historic terms and an ongoing spat between Chinese and American regulators over New York-listed Chinese firms’ auditing practices led several of those companies to threaten to delist from American exchanges earlier this year.

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Further Reading

Brooklyn Nets Owner Watches Warriors Win Title And Dreams Of Making $1 Billion (Forbes)

Brooklyn Nets owner Joe Tsai is the face of NBA’s uneasy China relationship (ESPN)