Record $2.8 billion penalty for Alibaba marks tumultuous stretch for founder Jack Ma

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75bn) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country.

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. The reversal of fortune for the 56-year-old Ma, who has all-but-disappeared from public view since an October speech blasting China’s regulatory system, has been striking for an entrepreneur whose transformation of commerce in China - and his relentless optimism - commanded cult-like reverence. Ma, who stepped down from Alibaba in 2019 but looms large in the corporate psyche and in the eyes of investors, had revelled in pushing boundaries with audacious statements, taking a high profile even as most Chinese peers kept their heads down.