Jack Ma “pocketed” $ 2.3 billion after Alibaba’s record penalty

The punishment is said to be “raised lightly” on the Alibaba custody certificate soared 9.3% in the session on 12/4 in New York – the strongest increase in nearly 4 years. As for Jack Ma, the co-founder of Alibaba, his fortune rose $ 2.3 billion to $ 52.1 billion, according to the Bloomberg Billionaires Index.

The fine is not as serious as many investors fear and is only equivalent to 4% of Alibaba’s domestic revenue in 2019. This is much lower than the maximum 10% of revenue under Chinese law. National. While Alibaba will have to make some adjustments to its business, Joseph Tsai, the company’s vice president, said the authorities did not impose changes on the company’s core business strategy. Mr. Tsai also confirmed that Alibaba is ready to move forward.

“Alibaba would not be able to achieve the existing growth results without the help of government policies and services. At the same time, supervision, tolerance and support from all domestic customers are unique. important to our development, “Alibaba said in a public letter after receiving a record penalty. “With all of this in mind, we give all thanks and respect”.

Jack Ma, although still the richest man in China last year, lost billions of dollars after the Chinese government began a campaign to tighten control of technology firms with the first move to suspend the listing. votes of Ant Group – Alibaba’s affiliated financial technology company. Later, Alibaba was also investigated for taking advantage of its monopoly position to unfairly compete in the e-commerce market. Currently, Jack Ma is the 3rd richest person in China, after the owner of bottled water company Nongfu Spring – Zhong Shanshan and Tencent founder Pony Ma.