Joseph Tsai (born January 1964), was a Canadian businessman, lawyer, and philanthropist who was born in Taiwan and raised in Canada. A co-founder and executive vice chairman of Alibaba Group, a Chinese multinational internet firm, he also owns the NBA team Brooklyn Nets, WNBA team New York Liberty, and NLL team San Diego Seals, among other professional sports teams he’s invested in or co-founded. He has a Hong Kong SAR passport.
A second-generation lawyer, Paul C. Tsai (Chinese: ), and Ruby Tsai (Chinese: ) were the parents of Tsai, who was born in Taipei, Taiwan. In addition to his older sister, he also has two younger brothers: Vivian and Benjamin.
A Kuomintang migration from mainland China during the Chinese Civil War led to the Tsai family escaping to Taiwan in 1949. The Lawrenceville School in Lawrenceville, New Jersey, where Tsai played football (inside linebacker) and lacrosse (inside linebacker) and was a member of Cleve House, sent him to the United States when he was 13.
Tsai went to Yale University, where his father had attended. He was a four-year member of Yale’s varsity lacrosse team and has remained a fan ever since.
Tsai graduated from Yale College in 1986 with a B.A. in economics and East Asian studies. When he was a student at Yale Law School in 1990, he was an articles editor for the Yale Law & Policy Review.
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Joe Tsai Career
After graduating, Tsai worked as a tax associate at the prestigious law firm Sullivan & Cromwell before being admitted to the New York bar on May 6, 1991. For the next three years, he worked as a lawyer at a large New York law firm before switching to private equity and becoming a vice president and general counsel at Rosecliff, Inc. In 1995, he moved to Hong Kong to join Investor AB, where he was in charge of the company’s investments in Asia.
Jack Ma was introduced to him by a buddy who was seeking to sell his own company to Ma in Hangzhou in 1999. Despite Tsai’s admiration of Ma’s plan to build a worldwide import and export marketplace and his magnetic personality, it was Ma’s followers and their energy and passion that eventually convinced Tsai.
Later that year, he resigned from his $700,000-a-year job at Investor AB and volunteered to join Ma’s founding team in exchange for next to nothing. A yearly salary of only $600 was accepted by each of Alibaba’s 18 co-founders at the time, with Tsai being the lone Western-educated member. He was COO, CFO, and a founding board member of the organization.
Because no one else on the team had any background in venture capital or law, he was the sole person responsible for setting up Alibaba’s financial and legal infrastructure. He became Alibaba’s executive vice chairman in May of that year. As of this writing, he is Alibaba’s second-largest individual shareholder, right after Jack Ma.
Tsai became the owner of the NBA’s Brooklyn Nets and the chairman of Barclays Center in September 2019. When he bought a 49 percent part of the Nets from Russian billionaire Mikhail Prokhorov in October 2017 for $2.3 billion, he had the option to buy the remaining stake of the team no later than 2021, which he did in the agreement.
A month later, Tsai made good on his promise to Prokhorov and purchased the Nets’ arena for a whopping $1.1 billion in an unrelated deal.
The NBA G League’s Long Island Nets and the NBA 2K League’s Nets Gaming Crew are both owned by Tsai. Tsai led a group that bought the WNBA’s New York Liberty team from The Madison Square Garden Company in January of 2019 for $70 million.
further information on the net worth of Joseph Tsai
An NLL box lacrosse team owned by him, the San Diego Seals, may be found in San Diego, California (NLL).
J Tsai Sports is also under his leadership. Several sports media and technology firms in North America and Asia have received financing from that firm, including the Premier Lacrosse League and an upstart field lacrosse league.
Premier Lacrosse League was formed by lacrosse player Paul Rabil and his brother Mike Rabil with the support of Tsai’s Chernin Group and The Raine Group in February 2019.
Joe Tsai Personal Life
Tsai holds dual Canadian and Hong Kong citizenship. As a descendent of Taipei City’s first elected mayor, he is married to Clara Ming-Hua Wu. Wu was born and reared in Lawrence, Kansas, and attended high school there.
A Stanford University international politics degree and an MBA from Harvard Business School are Wu’s qualifications for the position he currently occupies. She’s a Taobao advisor, and that’s what she does for a living.
Wu and Tsai have three children. Even though he continues to spend most of his time in Hong Kong on business, they moved to San Diego’s La Jolla neighborhood after more than ten years there.
Joe Tsai Net Worth
Joe Tsai net worth is $8.4 billion. A co-founder of the Alibaba Group, a worldwide technology company based in China, he is an executive vice chairman of the Alibaba Group.