Ryan Cohen, Chairman of GameStop.
CNBC
Gamestop CEO and billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba to around 7 million shares worth around $1 billion, the Wall Street Journal reported Thursday I did.
Citing those familiar with the issue, the journal said that Alibaba’s substantial stocks are a bullish bet on China’s economic growth in the long run.
Cohen was immediately unavailable when CNBC requested comment.
The news comes after China’s Titan announced a sharp profit increase in the December quarter amid the strength of its cloud intelligence unit and e-commerce segment. Alibaba’s shares surged 8.1% on Thursday.
In 2023, investors urged Alibaba to increase buybacks because they believed the stock was severely undervalued, the journal said.
Alibaba’s outspoken founder, Jack Ma, has been keeping the public eye since 2020, but was one of the entrepreneurs who attended a rare closure meeting led by Chinese national president Xi Jinping on Monday, and during that time, Beijing leaders urged private companies to private companies. Show their talent and strengthen their confidence in the “new era” in their activities.
Cohen became CEO of Meme Stock Gamestop in 2021 after video game retailers partially triggered a historic trading nerd on Wall Street. The past few years.
Under Cohen’s leadership, GameStop focuses on cutting costs and streamlining sales, ensuring that the business will still make money even if it is not growing. Earlier this month, CNBC reported that GameStop was considering investing in Bitcoin and other cryptocurrencies.
– Click here to read the WSJ Story.
