Alibaba Loses $30 Billion as Political Connections Turn Sour.
Alibaba's chairman Jack Ma, on Nov. 19, 2014, at the opening ceremony of the World Internet Conference in Wuzhen, Zhejiang province, China. Jack Ma's company Alibaba lost $20 billion in market cap on Thursday after getting into a spat with a Chinese regulator, as the company's once helpful political ties begin to trip it up. (Fabrice Coffrini/AFP/Getty Images) Alibaba , the Chinese e-commerce conglomerate that made the biggest IPO in U.S. history last September, had over $30 billion wiped from its market capitalization in two days ending yesterday. That was just after it got into a rare public brawl with a Chinese regulator, an apparent signal that its political fortunes have shifted decisively under the Xi Jinping administration. The hit to Alibaba’s share price corresponded with some worse-than-expected earnings, but a dispute between a major Chinese company and the regime itself is rare indeed in ...