Gamestop Ryan Cohen CEO raises his personal share in Alibaba to $ 1 billion, Wsj says

Gamestop The CEO and billionaire investor Ryan Cohen increased his personal share in the Chinese e -commerce giant Ali Baba The Wall Street Journal reported on Thursday about 7 million shares of about one billion dollars.

Quoting people familiar with this issue, the magazine said that the big share in Ali Baba is a bullish bet on China’s economic growth in the long term.

Cohen was not immediately available when CNBC continues to comment.

The news came after the Chinese Titan published Acute profit In a quarterly, amid a force in the cloud intelligence unit and the e -commerce sector. Ali Baba’s shares rose 8.1 % on Thursday.

In 2023, investor Ali Baba urged to increase re -purchases because he believed the stocks have been largely worth, the magazine said.

Founder of Ali Baba Al -Sareeh, Jack inWho has largely kept outside the eyes of the public since 2020, was among the entrepreneurs who He attended a rare meeting closed Headed Xi Jinping On Monday, the Beijing leader urged private companies to “show their talents” and enhance their confidence in a “new era” for their activity.

Cohen became the CEO of Meme Stock Gamestop after his involvement in the retailer of video games, and he partially sparked a historical trading obsession with Wall Street in 2021. The investor, who participated in the founding of rubberIt has been leading a shift in bricks and mortar retailers over the past few years.

Under Cohen’s leadership, Gamestop focused on reducing costs and simplifying operations to ensure that the work is profitable although it does not grow. Earlier this month, CNBC reported that Gamestop was Consider investing in Bitcoin and other cryptocurrencies.

Click here To read the WSJ story.