Huge fine for Jack Ma's Alibaba Group!
The Chinese government is retaliating against Jack Ma, the head of Alibaba Group of Companies. The government has recently imposed a hefty fine on Ali Baba group besides abruptly devaluing the Alibaba Group by enforcing banking regulations and blocking Ant Group IPO worth $ 37 billion. Alibaba has been fined $ 2.8 billion for allegedly violating regulations to gain a monopoly without competition from other companies.
On 24th October last year, Jack Ma made some comments about the flaws in China's banking system. Jack Ma suggested that Chinese banks should think broadly beyond the mentality of pawnshops. With this, the Chinese government started retaliatory actions. As a result, Jack has been invisible to the outside world for years. A few weeks later he appeared at a virtual event.