Gamestop chairman Ryan Cohen.
CNBC
Gamestop CEO and billionaire investor Ryan Cohen has increased his personal part in the Chinese e-commerce giant Alibaba The Wall Street Journal reported on around 7 million shares worth around 1 billion US dollars on Thursday.
In the journal, the people familiar with the matter, the journal said, the considerable participation in Alibaba was a bullish bet on China's economic growth in the long run.
Cohen was not immediately available when CNBC turned a comment.
The news came after the Chinese Titan had achieved a sharp increase in profit in the Decquart, which is right in the Cloud Intelligence Unit and strength in the e-commerce segment. Alibaba's shares rose by 8.1%on Thursday.
In 2023, the investor Alibaba asked to increase the return purchases because he believed that the share was strongly undervalued, the journal said.
Alibabas of pronounced founders Jack Ma, who has largely stayed away from the public since 2020, belonged to the entrepreneurs who took part in a rare meeting of Chinese President Xi Jinping on Monday, in which the Beijing leader claimed private companies. Show your talents “and strengthen your trust in a” new era “for your activity.
Cohen became CEO from Meme Stock Gamestop after his participation in the video game retailer triggered a historical trade mania on Wall Street in 2021. The investor, the co -founder Toughhas led a turn in the inpatient retailer in recent years.
Under Cohen's leadership, Gamestop has focused on reducing costs and optimizing the company to ensure that the company is profitable, although it does not grow. At the beginning of this month, CNBC reported that Gamestop had considered to invest in Bitcoin and other cryptocurrencies.
– Click here to read the WSJ history.