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.