Gamestop Ceo Ryan Cohen Hikes His Personal Stake in Alibaba to $ 1 Billion, WSJ Says

Gamestop Ceo and Billionaire Investor Ryan Cohen Has Increased His Personal Stake in Chinese e-Commerce Giant Alibaba To rooughly 7 million shares Worth about $ 1 billion, The Wall Street Journal Reported Thursday.

Citing People Familiar with the Matter, The Journal said the sizable stake in alibaba is a bullish bet on china’s economic growth in the long run.

Cohen wasn’t immediatily available when CNBC reacted out for comment.

The news came after the chinese titan posted a Sharp Profit Hike In the December Quarter Amid Strength in its cloud intelligence unit and e-commerce segment. Shares of Alibaba surgged 8.1% on Thursday.

In 2023, The Investor Urged Alibaba to Increase Buybacks as he believed the stock was sevenderly undervalued, the journey said.

Alibaba’s outspocen founder, Jack maWho has larger kept out of the public eye since 2020, wasmong the entrepreneurs who Attended a rare closed-door meeting Headed by Chinese President Xi jinping On Monday, DURING The Beijing Leader Urged Private Businesses to “Show their talents” and strengthen their confidence in a “new era” for his activity.

Cohen became ceo of meme stock gamestop after his involvement in the video game retailer partly triggered a historyic trading mania on wall street in 2021. ChewyHas been leading a turning in the brick-sand-mortar retailer over the past few years.

Under Cohen’s Leadership, Gamestop has focused on cutting costs and streamlining operations to ensure the business is profitsable even thinking it is not green. Earlier this month, CNBC Reported Gamestop was Considering Investing In Bitcoin and other cryptocurrency.

– Clickhere to read the WSJ Story.