Record $2.75b antitrust fine for Alibaba marks tumultuous stretch for founder Jack Ma
Photographer: Chris Ratcliffe/Bloomberg
Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire.
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The penalty is equivalent to around 4% of Alibaba’s 2019 revenues.
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The fine could surpass the $975 million that Qualcomm paid in 2015 over anticompetitive practices.
