Alibaba Group Hit with Record $2.8 Billion Fine Amid Increased Government Scrutiny of Billionaire Jack Ma's Tech Empire
- Alibaba Group has been hit with a record $2.8 billion fine in China.
- Billionaire founder Jack Ma's tech empire has come under increased scrutiny from regulators.
- "Alibaba accepts the penalty with sincerity," the company said in a statement.
- See more stories on Insider's business page.
China on Saturday fined Jack Ma's Alibaba Group a record $2.8 billion for abusing its leading market position...