Alibaba hit with record $2.8 billion antitrust fine in China
April 10, 2021 at 11:21 AM EDT
China’s antitrust regulator has imposed a fine equivalent to $2.8 billion against Alibaba Group Holding Ltd for abusing its dominant position over rivals and merchants on its e-commerce platforms, a record penalty in the country that comes amid a wave of scrutiny on the business empire of company founder Jack Ma.