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Jack Ma is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate.
The State Market Regulatory Administration imposed a fine after reviewing Alibaba's exclusive trade agreements. The regulator decided that the company did not allow sellers to trade their goods on competing platforms.
The fortune of the richest man in China decreased by $2,6 billion in one day. His wealth fell amid the suspension of the IPO of Ant Group, a subsidiary of Alibaba.