Gamestop chairman Ryan Cohen.
CNBC
Gamestop CEO and billionaire-investor Ryan Cohen has raised his personal interest in Chinese e-commerce giant Alibaba Up to around 7 million shares with a value of around $ 1 billion, the Wall Street Journal reported Thursday.
With reference to people who are familiar with the case, the magazine said that the significant interest in Alibaba is a bullish gamble on the economic growth of China in the long term.
Cohen was not immediately available when CNBC reached for comments.
The news came after the Chinese Titan had placed a sharp increase in profit in the quarter of December in the middle of strength in his cloud-intelligence unit and e-commerce segment. Shares of Alibaba rose by 8.1%on Thursday.
In 2023, the investor insisted at Alibaba to increase back purchase because he believed that the share was seriously undervalued, the magazine said.
The pronounced founder of Alibaba, Jack Ma, who has been largely kept out of public interest since 2020, was one of the entrepreneurs who A rare meeting of closed door attended Under the leadership of Chinese President Xi Jinping on Monday, in which the leader of Beijing encouraged private companies to “show their talents” and to strengthen their trust in a “new era” for their activity.
CEO of Meme Stock Gamestop became CEO after his involvement in the video game retailer in 2021 partly led a historic trading mania on Wall Street. ToughHas led a turnaround in the physical retailer in recent years.
Under the leadership of Cohen, Gamestop has focused on reducing costs and streamlining activities to ensure that the company is profitable, although it is not growing. Earlier this month, CNBC reported that Gamestop is considering investing in Bitcoin and other cryptocurrencies.
– click here To read the WSJ story.