Jack Ma's clash with Beijing results in a colossal cost of $850 billion for Ant and Alibaba
Chinese authorities conclude their probe into Ant Group, imposing a fine of nearly $1 billion
The conflict began after Ma criticized Beijing's financial sector regulation in 2020, leading to the cancellation of Ant's record-breaking IPO
The repercussions extend beyond the fine, eroding confidence in China's private sector and impacting various sectors of the economy
Ant has had to overhaul its business model, scaling back from sensitive sectors and reducing competition with state-backed banks
Ant's valuation, initially projected at $315 billion, has plummeted to approximately $78.5 billion
The clash with Beijing has had far-reaching consequences, wiping out over $850 billion in property value for Ma
China's economic struggles, coupled with tensions with the US, put pressure on the government to restore confidence in the private sector
The long-lasting clash reflects a gap between Beijing's expectations and the reality on the ground
Alibaba's core business suffers from an antitrust probe, intensified competition, and loss of market share.