The story behind Jack Ma’s silence. In the five months since President Xi Jinping called off the blockbuster public offering of Ant Group, the billionaire has made one public appearance. So, where is he now? Ryan McMorrow and Sun Yu explore the Alibaba founder’s dramatic rise and fall that illustrates China’s wary embrace of tycoons who power economic growth. What happens next for Ma is far from clear, but it will reveal a great deal about where China is heading.