Google, Facebook, and Twitter combined. On 19 September 2014, Alibaba's shares (BABA) began trading on the NYSE at an opening price of $92.70 at 11:55 am EST. On 22 September 2014, Alibaba's underwriters announced their confirmation that they had exercised a greenshoe option to sell 15% more shares than originally planned, boosting the total amount of the IPO to $25 billion. Alibaba and the underwriters of its IPO were sued in a California superior court in a consolidated class action lawsuit. The lawsuit was filed in October 2015 on behalf of investors who purchased Alibaba's American depositary shares alleging violations of the Securities Act. Alibaba reached a settlement agreement in December 2018, subject to court approval, in which it agreed to pay $75 million to settle the lawsuit. In January 2017, Alibaba and the International Olympic Committee jointly announced an $800 million deal that would last until 2028 in where the company would sponsor the Olympic Games. In September 2018, Jack Ma, the main founder of Alibaba, announced that he would step down as chairman in a year's time so he could focus on philanthropy. In response to the announcement, The Economist stated that Ma had a significant impact in China and worldwide via contributions and dedication to various businesses. In May 2019, Bloomberg cited sources familiar with the matter as saying that Alibaba was considering raising $20 billion through a second listing in Hong Kong. On Tuesday, 10 September 2019, Jack Ma officially stepped down as the chairman of Alibaba, Daniel Zhang succeeded him at the head of the company. In September 2019, the municipal government of Hangzhou announced that it was boosting its monitoring of the private sector by embedding government officials in Alibaba and other companies. In November 2020, The Wall Street Journal reported that Chinese Communist Party general secretary Xi Jinping personally scuttled Jack Ma's Ant Group IPO. At that time this was highlighted as the world's largest IPO suspension, sending a chilling warning to numerous entrepreneurs. Bo Zhuang, chief China economist at TS Lombard said that the suspension "forms part of a wider political drive as the leadership seeks to widen and consolidate its control over finance and technology". What followed was an unexpected Chinese government-released draft on 10 November 2020, which gives regulatory authorities a wider latitude to regulate their biggest tech enterprises. On 24 December 2020, China launched an antitrust investigation into Alibaba