What happened
Shares of Alibaba (NYSE:BABA) took a dive today after the Chinese government said it would open up an antitrust investigation into the tech giant. The news comes just weeks after Beijing blocked the IPO of Ant Group, Alibaba’s fintech subsidiary, a further sign that the ruling Chinese Communist Party (CCP) is seeking to thwart Alibaba Founder Jack Ma’s power.

In a shortened session, Alibaba stock closed down 13.4%, wiping off approximately $100 billion from its market cap.