Alibaba's Chair Joe Tsai Expands Into Elite French Vineyards

Author: Anusuya Lahiri | September 10, 2024 08:25am

Alibaba Group Holding (NYSE:BABA) Chair and co-founder Joe Tsai is now part of a consortium that has acquired vineyard parcels in the Burgundy region, making way into the most sought-after French vineyards, Bloomberg cites familiar sources.

Tsai’s consortium partners include Oliver Weisberg, CEO of Tsai’s family office, Blue Pool Capital.

Many wines from this region hold coveted classification, with bottles often retailing for hundreds of dollars.

Also Read: Alibaba and Mastercard Team Up To Offer New Perks for US Business Owners

According to the Bloomberg Billionaires Index, Tsai has a net worth of approximately $6.9 billion, partly due to his 1.4% stake in Alibaba. Alongside his stake in the tech giant, Tsai has diversified his investments through Blue Pool Capital.

Alibaba Group stock is up close to 3% on Tuesday, shortly after it entered China’s Stock Connect, opening up to 200 million mainland investors. Morgan Stanley expects Alibaba’s move to unlock $12 billion in funds within six months.

Alibaba Group stock lost over 8% in the last 12 months as the domestic regulatory crackdown and domestic economic weakness affected the company. Earlier in 2024, Tsai expressed optimism over the company’s prospects, including higher e-commerce penetration in China and the IPO of its logistics business, Cainiao.

Price Action: BABA stock is up 2.76% at $83.69 premarket at the last check Tuesday.

Also Read:

• Alibaba’s E-Commerce Platforms Now Accept WeChat Payments, Aiming for Market Expansion in China

Photo Via Shutterstock

Posted In: BABA