Jack Ma’s fortune jumps US$2bil after record Alibaba fine


Ma is now China’s third-richest person after Zhong Shanshan of bottled-water company Nongfu Spring Co and Tencent Holdings Ltd’s Pony Ma. — AFP

China just slapped a record antitrust fine on Alibaba Group Holding Ltd. The company thanked the government and investors breathed a sigh of relief.

Alibaba’s American depositary receipts climbed 9.3% on Monday in New York, their biggest jump in almost four years. For Jack Ma, the founder of the e-commerce giant, it meant his fortune increased by US$2.3bil (RM9.50bil) to US$52.1bil (RM215.38bil), according to the Bloomberg Billionaires Index.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Jack Ma , billionaires

   

Next In Tech News

Cryptoverse: U.S. election punters play the prediction markets
Coordinated efforts, shared learning among OIC states essential for digital transformation, says Fahmi
Securities Commission blocks 300 sites pushing illegal investment schemes
EU to assess if Apple's iPad OS complies with bloc's tech rules
Facebook, Nvidia ask US Supreme Court to spare them from securities fraud suits
Rumours, lies and disinformation: ‘A lot of crazy’ in US election
TV screens are getting bigger as technology improves and prices fall
Malaysia Airlines to start offering free WiFi on its Boeing 737-8 planes by end of 2024
French families sue TikTok over alleged failure to remove harmful content
UAE'S ADNOC to deploy autonomous AI in the energy sector for the first time

Others Also Read