Joe Tsai, the co-founder of Alibaba and owner of the Brooklyn Nets, is donating $50 million for social justice initiatives.
The amount, which follows a recent $10 million pledge to the NBA Foundation, will go to a “Social Justice Fund” over the next 10 years and will especially target the Black community in Brooklyn.
A co-founder of Alibaba became the sole owner of the Brooklyn Nets this week.
Joseph “Joe” Tsai, who currently serves as the company’s executive chairman, reportedly bought the NBA team for $2.35 billion, a record sale for a sports franchise.
Based on the said agreement, the Taiwanese-Canadian mogul will also have the option to purchase a controlling interest in the NBA organization in four years. Should Tsai decides to pursue it, current majority owner Mikhail Prokhorov will reportedly cede the controlling stake, according to ESPN.