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Even as Alibaba Group Holding Ltd (NYSE:BABA) was slapped with a record $2.8 billion fine by the Chinese government for violating antitrust laws, the fortune of the e-commerce giant’s co-founder Jack Ma rose by $2.3 billion.
What Happened: Shares of Alibaba Group climbed almost 9.3% in New York on Monday, marking the biggest surge in nearly four years. The $2.8 billion fine, representing just 4% of Alibaba’s 2019 sales of 455.7 billion yuan, triggered a relief rally in Alibaba’s stock and seemingly brings to an end the regulatory troubles that began when China launched an anti-monopoly investigation into the company in December last year.
According to the Bloomberg Billionaires Index, Jack Ma’s total net worth increased by $2.3 billion to $52.1 billion following the surge in Alibaba’s shares. Ma is now the third-richest person in China, behind Zhong Shanshan of bottled-water company Nongfu Spring Co. and Pony Ma of Tencent Holdings Limited (OTC:TCEHY).
See Also: Why Is Alibaba Stock Surging Despite $2.87B Antitrust Fine?
Why It Matters: Ma was China’s richest person before the country's government launched the antitrust probe into Alibaba last year. The probe was launched shortly after Ma made public comments criticizing China’s financial regulator. In addition to the regulatory crackdown on Alibaba, Chinese regulators also pulled the plug on the blockbuster IPO of Alibaba affiliate Ant Group.
However, the landmark probe into Alibaba was wrapped in just four months, compared to years of investigations such cases could take in the United States or the European Union, Bloomberg noted.
While the $2.8 billion fine is much higher than the nearly $1 billion fine paid by the U.S. chipmaker Qualcomm Inc. (NASDAQ:QCOM) in 2015, it is far less than the maximum 10% allowed under Chinese law.
Price Action: Alibaba shares closed almost 9.3% higher on Monday at $244.01 and further rose about 0.7% in the after-hours session.
Read Next: Alibaba Analysts Remain Bullish As $2.8B Antitrust Fine Triggers Relief Rally
Photo by World Economic Forum on Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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