Ryan Cohen, Chairman of GameStop.
CNBC
GameStop CEO and billionaire investor Ryan Cohen adds his personal stake in China’s e-commerce giant Alibaba The Wall Street Journal reported Thursday that about 7 million shares are worth about $1 billion.
The magazine quoted people familiar with the matter as saying that in the long run, Alibaba’s large stakes are a bullish bet on China’s economic growth.
When CNBC reached out to post, Cohen didn’t work immediately.
After this news came, the Chinese Titan released Rapid profit rate hike The strength of cloud intelligence and e-commerce in the December quarter. Alibaba’s shares soared 8.1% on Thursday.
In 2023, investors urged Alibaba to increase buybacks because he believes the stock is seriously undervalued.
Alibaba’s outspoken founder, Jack isHe has been away from the public eye since 2020 and is one of the entrepreneurs. Participated in a rare closed-door meeting Leaded by the Chinese President Xi Jinping On Monday, Beijing leaders urged private companies to “display their talents” and strengthen confidence in the “new era” of the event.
Cohen became CEO of Meme Stock GameStop after he became part of a video game retailer who triggered Wall Street’s historic trade frenzy in 2021. chewOver the past few years, it has been ahead of brick-and-mortar retailers.
Under Cohen, GameStop is committed to cutting costs and streamlining operations to ensure business profitability, even if it does not grow. Earlier this month, CNBC reported that GameStop was Consider investing in Bitcoin and other cryptocurrencies.
– Click here Read the WSJ story.
