Alibaba: Chinese regulator slaps huge fine on tech giant

The world’s biggest online retailer - China’s Alibaba - has been hit with a record fine equivalent to $2.75bn (just over £2bn).
Regulators in China said the internet giant had abused its dominant market position for several years.
In a statement, the company said it accepted the ruling and would “ensure its compliance”.
Analysts say the fine shows China intends to move against internet platforms that it thinks are too big.

While not well known outside China, inside the country Alibaba is an ever-present behemoth, the BBC’s Robin Brant reports from Shanghai.
The company is China’s Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing.

The fine amounts to 4% of Alibaba’s revenue in 2019.
Regulators say Alibaba restricted competition by stopping some sellers using other platforms.
It is the latest in a chain of events targeting the company that kicked off last October, just after its high-profile co-founder, Jack Ma, told a gathering of China’s leading regulators that they were stifling innovation.

Sam PA alienda wapi @sani :D?

Mbona chinku anafinya Jack Ma hivyo?Juzi tu amekua MIA kwa muda

Wisdom dictates that once you accumulate a certain amount of wealth (a lot) just make sure that you have a sizable influence over the politics and politicians around you (By all means necessary)!

“kama wewe ni tajiri…unaweza fanyiwa chochote…” Magufuli

That’s a lie…Zuckerberg has no gava sponsors…and FB plus Instagram is 3/4 of the world population.

Jack Ma/Age
56 years
Mark Zuckerberg/Age
36 years

In China beer and Cigarette business is owned by the state. Parasitic owners of capital are not more powerful than the ruling elite.

Who is Mark answerable to? he does what he wants, against the wishes of his customers, Jack Ma cannot afford to be a rogue parasitic capitalist,