Meet billionaire Clara Wu Tsai, who built the Liberty into a $600 million team and now plans to fund guaranteed income for new moms
Source: Fortune ·
The Nets and Liberty co-owner has spent six years funding loans, startups, basketball courts, and arts programs in Brooklyn. Critics say the spending is hard to track.
From the source
Clara Wu Tsai has a lot on her plate. She’s vice chair of Brooklyn Sports & Entertainment, the company behind the Brooklyn Nets, the New York Liberty, and Barclays Center, and she serves as the Liberty’s governor. She’s also a film producer: most recently on Werner Herzog’s Bucking Fastard, which premiered at the Venice Film Festival in September. She co-owns the National Lacrosse League’s San Diego Seals and is a trustee at Stanford, NewYork-Presbyterian Hospital, and Lincoln Center. But for one of Wu Tsai’s projects in Brooklyn, the return can’t be measured in dollars alone. In August 2020, amid racial justice protests on the plaza outside Barclays Center, Wu Tsai and her husband, Alibaba cofounder Joe Tsai, pledged $50 million over 10 years to social justice and economic mobility initiatives, prioritizing Brooklyn. The result was the Social Justice Fund, which Wu Tsai directs. Six years in, its stated mission is to support economic mobility across the borough by funding programs…