Jack Ma's fortune jumps $2 billion after record antitrust fine on Alibaba

The $2.8 billion fine is less severe than some investors feared and is based on only 4% of the company's 2019 domestic sales, far less than the maximum 10% allowed under Chinese law

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 $2.3 billion to $52.1 billion, according to the Bloomberg Billionaires Index.

The $2.8 billion fine is less severe than some investors feared and is based on only 4% of the company’s 2019 domestic sales, far less than the maximum 10% allowed under Chinese