China Slaps $2.78 Billion Fine On Alibaba For Market Irregularities

Jack Ma-owned e-commerce giant Alibaba has been slapped with a whopping fine of $2.78 billion by the Chinese market regulators. Accused of malpractices and misusing market-dominant position, Alibaba is under investigation radar since December 2020 when Jack Ma had criticised the Chinese government’s regulating agencies. The amount of fine imposed was four percent of Alibaba's 2019 sales of 455.7 billion Yuan.