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FRIDAY, JULY 11, 2025
Jack Ma’s fortune jumps $2b after record Alibaba penalty

Global Economy

TBS Report
13 April, 2021, 12:50 pm
Last modified: 13 April, 2021, 01:01 pm

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Jack Ma’s fortune jumps $2b after record Alibaba penalty

The $2.8 billion fine is less severe than some investors feared and is based on only 4% of the company’s 2019 domestic sales, far less than the maximum 10% allowed under Chinese law

TBS Report
13 April, 2021, 12:50 pm
Last modified: 13 April, 2021, 01:01 pm
File photo of Jack Ma, co-founder and former executive chairman of Alibaba Group. Photo: Collected
File photo of Jack Ma, co-founder and former executive chairman of Alibaba Group. Photo: Collected

Jack Ma, the founder of e-commerce giant Alibaba, saw his fortune increased by $2.3 billion to $52.1 billion after China slapped a record antitrust fine on Alibaba Group Holding Ltd. 

Alibaba's American depositary receipts climbed 9.3% on Monday in New York, their biggest jump in almost four years, reports Bloomberg.

The $2.8 billion fine is less severe than some investors feared and is based on only 4% of the company's 2019 domestic sales, far less than the maximum 10% allowed under Chinese law.

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While the internet giant will have to adjust the way it does business, its vice-chairman said regulators won't impose a radical overhaul of its e-commerce strategy and its chief executive officer declared Alibaba ready to move on.

The company thanked the government and investors breathed a sigh of relief.

"Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development," the company said in an open letter. "For this, we are full of gratitude and respect."

China extends crackdown on Jack Ma's empire with enforced revamp of Ant Group

Ma, who up until last year was China's richest person, has lost billions since his nation's regulators began an anti-monopolistic campaign, halting the initial public offering of his Ant Group Co. payments company just two days before it was scheduled to go public. He is now China's third-richest person after Zhong Shanshan of bottled-water company Nongfu Spring Co. and Tencent Holdings Ltd.'s Pony Ma.

Separately, China's central bank ordered Ant to become a financial-holding company that will be regulated more like a bank. The move, announced on Monday, will have far-reaching implications for the firm's growth and its ability to press ahead with an initial public offering. Alibaba shares opened 3.4% higher in Hong Kong on Tuesday.

Top News / World+Biz

Jack Ma / Ant Group / Ant Group China / Alibaba Group / Alibaba Group founder

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