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Jack Ma’s Alibaba fined record $2.7B by China

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Taking its war against Jack Ma-founded empire to a serious level, Chinese regulators have slapped a record fine of 18.2 billion yuan ($2.8 billion) on e-commerce giant Alibaba Group Holding. The fine has been imposed on Alibaba for violating anti-monopoly rules as the country seeks to rein in the power of internet conglomerates.

Photo: In this Oct. 12, 2018, file photo, Chairman of Alibaba Group Jack Ma speaks during a seminar in Bali, Indonesia. China’s highest-profile entrepreneur, e-commerce billionaire Jack Ma, appeared Wednesday, Jan. 20, 2021, in a video posted online, ending a 2 1/2-month disappearance from public view that prompted speculation about his status and his business empire’s future. In the 50-second video, Ma congratulated teachers supported by his charitable foundation and made no mention of his absence from public view and scrutiny of his Alibaba Group and Ant Group by regulators.(AP Photo/Firdia Lisnawati, File)

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