Eddie Yongming Wu will step in as CEO, while Joe Tsai will take over as chairman on Sept. 10.
The two executives are Alibaba veterans and close confidant of Alibaba’s billionaire founder Jack Ma.
But who are they exactly and what do their appointments signal about Alibaba’s future?
Eddie Wu, incoming CEO
Eddie Wu is one of the co-founders of Alibaba, who first served it as a technology director back in 1999. His experience is in the company’s core e-commerce business, monetization and technology, making him a well-rounded candidate to oversee the entire group.
After Alibaba decided to split into six units he was appointed as the chairman of the Taobao and Tmall Group — previously, the two units were the two biggest e-commerce services in China.
Wu has also been the chief technology officer of key businesses including Taobao and Alipay, the mobile payments service run by Alibaba affiliate Ant Group. He was in charge of Alibaba’s monetization platform on Taobao and Tmall, as well as directing efforts to push the Taobao mobile app that propelled the company into the smartphone era.
“Eddie Wu’s appointment as CEO shouldn’t come as a huge surprise. He co-founded Alibaba and played a key role on both the technology development and monetization of Taobao and Alipay,” Jacob Cooke, CEO of WPIC, an e-commerce tech and marketing firm that helps foreign brands sell in China, told CNBC.
“His elevation to CEO of the group is a natural transition and signals the unswerving importance of e-commerce in the company’s roadmap,” Cooke added.
Joe Tsai, incoming chairman
Another co-founder of Alibaba, Joe Tsai was appointed as the company chief financial officer until 2013 and currently serves as executive vice chairman. He is also the chairman of Alibaba’s logistics unit Cainiao, as well as a member of the Taobao and Tmall division.
Joe Tsai will take up the role of chairman at Alibaba after current chairman and CEO Daniel Zhang steps down.
Jp Yim | Getty Images Entertainment | Getty Images
Separate from his Alibaba activity, Tsai is also an owner of the Brooklyn Nets basketball team in the U.S. and is often seen as a more international-facing executive.
“The appointment of the internationally-focused Tsai as chairman aligns perfectly with the outward-looking strategy that Alibaba has recently adopted, with big investments in Lazada and the recently-announced plans to open a local version of Tmall in Europe,” Cooke said.
Lazada is the Singapore-headquartered e-commerce company owned by Alibaba, which has been key to its international expansion in south east Asia. Separately, Alibaba President Michael Evans last week said that the company would launch local versions of its Tmall e-commerce service in Europe.
The company has been suffering from slowing growth because of a sluggish Chinese economy and rising competition from rivals such as JD.com and Pinduoduo. Its key cloud division, to which outgoing CEO Zhang will dedicate all his time, saw revenue decline in the March quarter.
Tsai and Wu will be looking to reinvigorate growth at the company amid what continues to be a difficult macroeconomic backdrop.
“I don’t think the reshuffling says too much about Alibaba’s business focus, nor do I believe it will have a significant impact on the company’s performance,” Xin Sun, senior lecturer in Chinese and East Asian business at King’s College London, told CNBC via email.
“After all, the most important factors behind the company’s performance are structural, such as the breakup of its ecosystem, the increasingly complex regulatory environment, and sharp competition from rivals. None of these have changed.”
Instagram has installed a new privacy setting which will default all new and existing underage accounts to an automatic private mode.
Brandon Bell | Getty Images
Instagram now has 3 billion monthly active users, Meta CEO Mark Zuckerberg said on his Instagram account on Wednesday.
“What an incredible community we’ve built here,” Zuckerberg posted on his Instagram channel.
The figure is a major milestone for the photo-sharing app, which the social media company acquired in 2012 for $1 billion.
Meta last disclosed Instagram’s user figures in October 2022 when Zuckerberg said during an earnings call that the app had crossed 2 billion monthly users.
Meta said in April 2024 that it would no longer disclose the monthly and daily active user numbers for Facebook and its sibling apps on a quarterly basis. Since then, Meta has been reporting each quarter the number of daily active people using its family apps. That figure reached 3.48 billion, the company said in July, topping analysts’ estimates of 3.45 billion.
With 3 billion monthly users, Instagram joins the ranks of the Facebook and WhatsApp platforms.
Zuckerberg in January said that the Facebook app “is used by more than 3 billion monthly actives.” In April, Zuckerberg told analysts that WhatsApp had “more than 3 billion monthly actives.”
Xiaomi launched the Xiaomi 15T series of smartphones as it continues its global expansion.
Xiaomi
MUNICH — Xiaomi on Wednesday made the international debut of a slew of new devices and appliances with its smartphones at the center, as the Chinese tech giant sets out to directly challenge Samsung.
The Beijing-headquartered company took the wraps off of the Xiaomi 15T series comprising of two smartphones — the Xiaomi 15T and Xiaomi 15T Pro — during a launch event in Munich.
The devices, priced at 649 euros ($766) and 799 euros, respectively, continue Xiaomi’s strategy of bringing phones with the latest specs to the market at a competitive price.
Xiaomi talked up the triple-camera system, large 6.83-inch display and big battery power, as it looks to position the devices as a potential contender to Samsung’s mid-range A series and top-end S Series of smartphones.
For comparison, Samsung’s S25 starts at 799 euros, while its top-end device, the S25 Ultra, starts at 1,249 euros in Germany.
“The 15T is basically an affordable flagship with high-end features but priced half a notch down from the top tier premium devices,” Bryan Ma, vice president of devices research at International Data Corporation, told CNBC by email.
Over the past few years, Xiaomi has expanded its geographical footprint and offerings to include everything from washing machines to electric cars.
In Europe, Xiaomi has cemented itself as the third largest smartphone player by market share, behind Samsung and Apple, through a mix of high-end and mid-tier devices that have offered a stiff challenge to the two giants.
Xiaomi launched its more expensive Xiaomi 15 phones internationally earlier this year. In China, it is gearing up for the unveiling of its 17 series of devices, which will be its flagship.
“Xiaomi 15T is another important step for Xiaomi in its premiumization strategy, particularly trying to capture the slightly more budget-sensitive, spec-focused buyers that still opt for a high-end device, Runar Bjorhovde, analyst at Canalys said.
“One of Xiaomi’s major strategic focuses in taking on the high-end.”
But the company has bigger ambitions. On Wednesday, Xiaomi announced the global launch of it Mijia brand of home appliances, which include a refrigerator, washing machine and air conditioner.
It’s a move right out of Samsung’s playbook. The South Korean technology giant sells products across the world spanning from appliances to smartphones and TVs.
“Xiaomi naturally puts the pressure on any competitor in the sectors that it enters given its operating model of aggressively priced yet good quality products,” Ma said.
President Donald Trump takes a question from a reporter before signing executive orders in the Oval Office at the White House on September 19, 2025 in Washington, DC.
Andrew Harnik | Getty Images
It’s been a chaotic few days for the tech sector, and industry executives and experts are still assessing how U.S. President Donald Trump’s latest immigration crackdown could shape the future of their workforces.
The Trump administration sparked widespread panic Friday after announcing employers will pay a new $100,000 fee for H-1B visas, which are temporary work visas granted to highly skilled foreign professionals. These visas have underpinned the U.S. tech workforce for decades.
Some tech executives, including Netflix co-founder Reed Hastings and OpenAI CEO Sam Altman, have lauded the changes to the H-1B program, but experts told CNBC that the Trump administration’s changes could prevent some tech companies — namely startups — from securing top foreign talent. These experts said the changes also run the risk of driving top talent toward other countries.
“The short of it is, it would be a disaster for America, for American companies, American competitiveness, American innovation,” said Exequiel Hernandez, an associate professor at the Wharton School of the University of Pennsylvania.
Tech’s reliance on the H-1B program
The current annual cap for H-1B visas is at 65,000, along with 20,000 additional visas for foreign professionals with advanced degrees.
In fiscal 2025, Amazon, Microsoft, Meta, Apple and Google are among the top 10 companies that employ the most H-1B holders. Prominent tech executives like Microsoft CEO Satya Nadella, Google CEO Sundar Pichai and Tesla CEO Elon Musk were H-1B recipients earlier in their careers.
As tech companies scrambled to respond before Trump’s proclamation went into effect at 12:01 a.m. ET on Sunday, the White House quelled some concerns on Saturday by clarifying that the fee is not annual and would only apply to new visas, not renewals for current visa holders.
More changes could be on the horizon.
The Trump administration teased a proposed rule on Tuesday that said H-1B recipients should be selected through a weighted process instead of a random one. The weighted process would take place when the number of requests for visas exceeds the limit of available spots, and it would be based on wage levels, the proposal said.
The proposed rule will officially publish in the Federal Register on Wednesday, and it’s still subject to change after the administration reviews initial public feedback.
Hastings called the Trump administration’s $100,000 fee a “great solution,” in a post on X on Sunday.
“It will mean H1-B is used just for very high value jobs, which will mean no lottery needed, and more certainty for those jobs,” he wrote.
OpenAI’s Altman expressed support for the updates during an interview with CNBC’s Jon Fortt on Monday.
“We need to get the smartest people in the country, and streamlining that process and also sort of outlining financial incentives seems good to me,” Altman said.
‘It kneecaps startups’
Historically, H-1B visas have cost employers somewhere between $2,000 to $5,000 per application, depending on the size of the company, according to the Immigration Law Group.
The new $100,000 fee is a big jump for small, cash-strapped startups.
“You’re not going to find many startups who are going to be willing to pay $100,000 per H-1B, in addition to salary for that H-1B,” said Adam Kovacevich, CEO of Chamber of Progress, a left-leaning tech industry trade association.
Even big tech companies could feel some pain and have to reassess who they use H-1Bs for. But their deep pockets come with advantages.
“A big firm like Microsoft or Google, even though it’s not ideal for them, they have workarounds,” said Wharton’s Hernandez. “They can offshore jobs, or they’re the ones who can make acquisitions.”
Garry Tan, the CEO of the popular startup accelerator Y Combinator, criticized the Trump administration’s new fee, writing in a LinkedIn post that “it kneecaps startups” and is a “massive gift” to overseas tech hubs.
“In the middle of an AI arms race, we’re telling builders to build elsewhere,” Tan wrote. “We need American Little Tech to win—not $100K toll booths.”
A picture shows logos of the Big Tech companies named GAFAM, for Google, Apple, Facebook, Amazon and Microsoft, on June 2, 2023.
Sebastien Bozon | AFP | Getty Images
China and other competitors loom large
U.S. tech companies big and small are fiercely competing with one another – and the rest of the world – as they race to develop the most advanced AI models and applications. Organizations like Meta have shelled out billions of dollars to recruit top AI talent in an effort to try and gain an edge.
The Trump administration’s changes to the H-1B program could complicate similar recruiting efforts.
“What this does is that it gives our competitors, other countries, places like Asia, Canada, Europe, they can then attract these employees to create new innovations,” said Steven Hubbard, a data scientist at the American Immigration Council, which is a nonprofit for immigration advocacy and research.
One big competitor in the war for talent is China. The world’s second-largest economy has long fought against the U.S. for tech dominance, and more recently the AI race.
Earlier this year, Chinese AI firm DeepSeek rattled global markets after claiming to create a large language chatbot that outperformed competitors at a fraction of the cost. The news raised questions over the significant sums that American tech companies are shelling out on AI.
Some experts worry that visa changes could deal a victory into China’s hands, sending top talent overseas. The move may also deter foreign students from attending university in the U.S. as uncertainty hangs over their post-graduation job prospects.
“Those students are going to look at this environment and stay home,” said Greg Morrisett, vice provost at Cornell Tech. “It’s giving a leg up to both China and India in terms of feeding their startup ecosystems.”
For Bradley Tusk, the CEO of Tusk Venture Partners, the changes to the H-1B program are simply “terrible.” American companies have to have access to top talent in order to compete at the highest levels, he said.
“America’s competitive advantage has always been the ability to attract the best talent from around the world,” Tusk said. “To limit our ability to recruit and compete is illogical.”