Chinese Twitter-like social media platform Weibo announced Monday that Alibaba chairman Daniel Zhang has resigned from the company’s board of directors. Dong Benhong, chief marketing officer of Alibaba Group, has been appointed as a new board member. The board member change comes as Alibaba, which owns a roughly 30% stake in Weibo, is reportedly planning to offload its shares in the company to a state-owned conglomerate. China’s regulators are currently taking a closer look at the influence tech giants like Alibaba enjoy in the media. [Weibo announcement]