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Highest penalty for Alibaba

12 April 2021
3639
1 min.
2
Highest penalty for Alibaba

China's largest e-commerce company, Alibaba, received its largest fine of nearly 3 billion this Saturday.

Recall that the founder of the company Jack Ma criticized the financial model and financial regulation in the country. This led to a number of negative events: a meeting with the authorities of the People's Republic of China, the cancellation of the IPO Ant Group, antitrust proceedings and fines against Alibaba. Jack Ma himself disappeared after meeting with the authorities and for a long time there were rumors about his arrest, which also negatively affected the company's stock price. In total, Alibaba shares fell 30%.

After a 3-month absence, Jack Ma got in touch and Alibaba's shares went up again.
Jack Ma currently owns 5% of the company and is the 4th most influential person in China, while before the start of disagreements with the vlata, he held 1st place.

Some sources claim that the Chinese authorities want to force the company to work more closely with the Chinese Communist Party and sever ties with the founder of the company.

After Jack Ma left the company, he took up charity work, founding foundations and supporting schools.

Persons1 and Companies1 in the news

Co-founder and former executive chairman of Alibaba Group
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Alibaba Group
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