The crackdown extended to Alibaba itself. In April 2021, the company was hit with a record $2.8 billion fine for antitrust violations. Key services were cut off, including Alibaba's popular internet browser. The company's stock price plummeted, at one point falling to a fifth of its all-time high.
Ma's personal fortune dwindled, and his legacy projects, such as Hupan University, were targeted. The elite business school he founded in 2015 was forced to suspend new enrollments and its future remains uncertain.