Jack Ma has not shown up for two months, the reporter could not contact him

Alibaba’s American Depositary Receipts (ADRs) fell the most since listing on Thursday as Chinese regulators announced on Oct. 24 that they had launched an investigation into the online giant’s alleged monopolistic practices, sparking market concerns. And Jack Ma, founder of Alibaba and Ant Group, has not made a public appearance since criticizing financial regulators for stifling innovation in that Oct. 24 speech.

According to the Wall Street Journal, a reporter from the paper tried to reach Ma for comment yesterday (24) but could not reach him.

Ma’s Oct. 24 remarks at the Bund Financial Summit in Shanghai reportedly angered Communist Party General Secretary Xi Jinping and other top officials. Xi personally instructed regulators to investigate the risks posed by Ma’s venture and blocked Ant Group’s plans to list in both Shanghai and Hong Kong.

Alibaba’s ADR closed 13.34 percent lower on Thursday, the biggest one-day drop since its IPO, equivalent to dropping $92.477 billion in market value, as the stock crashed to a July low, down 30 percent from its October peak. Turnover was about 141 million shares, the largest single-day volume since the IPO in 2014.

Not only has Alibaba been investigated by the Chinese Communist Party’s anti-monopoly case, but an official briefing yesterday showed that Ant Group, another pillar of Jack Ma‘s empire, will also face a 2nd financial regulatory interview.

Bloomberg industry research analyst Vey-Sern Ling said in a report that the investigation of Alibaba is “a warning sign that the winds have changed” and could put its business “in a long-term hindrance.

Bloomberg quoted a person familiar with the matter as saying that the government had advised him to stay in the country, at least until early December.

And Watch China on Nov. 24 quoted sources as saying that Ma had in fact learned of the rejection of Ant’s IPO as early as October, before the Bund Financial Summit in Shanghai, and that he had deliberately made a bold statement at the meeting criticizing the authorities for being too strict.

The source disclosed that after Ant Group’s listing plan was stopped, Jack Ma was in deep trouble, and in addition to actively admitting mistakes to the authorities and releasing goodwill, the group’s top management was constantly trying to find ways to break out and public relations upward.

The source also said that Ma also foresaw the crisis is not trivial, Ma has been temporarily side control in late October. The crisis is not simply solved by money, Xi Jinping pressed the nuclear button at the last second, knocking the forces behind Ma Yun’s meaning is very obvious.