TECH - Alibaba Co-Founder Joe Tsai Optimistic About Future Amid Recent Challenges: 'We're Back' | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) co-founder Joe Tsai expressed optimism about the company’s future despite recent setbacks.
What Happened: Tsai acknowledged the challenges Alibaba has faced in recent times. These include internal changes, the cancellation of a cloud computing IPO, and increasing competition in the e-commerce sector, according to an interview with CNBC.
“Now with the restructuring and with the new management in place, we feel a lot more confident in placing as one of the top e-commerce players in China,” Tsai said.
“Where we didn’t feel as confident as before, we felt the competitive pressure, but now we’re back.”
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He also predicted that e-commerce penetration in China would surpass 40% in the next five years, up from the current 30%.
Despite the challenges, Tsai remains confident in Alibaba’s future. He and fellow co-founder Jack Ma have recently purchased over $200 million worth of Alibaba shares. ...