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Investing.com -- Ryan Cohen, known for his influential role in the meme-stock rallies during the pandemic, has continued to increase his investment in Alibaba (NYSE:BABA) Group. According to Wall Street Journal sources, his personal stake in the Chinese e-commerce giant now stands at approximately $1 billion, equivalent to around 7 million shares.
Cohen’s significant investment in Alibaba demonstrates his confidence in China’s long-term economic growth. The Wall Street Journal had reported two years prior that Cohen had invested hundreds of millions of dollars in Alibaba.
In 2023, Cohen privately urged the Chinese firm to speed up its share-buyback program, arguing that Alibaba’s shares were significantly undervalued. He also expressed a desire for a long-lasting relationship with the company. More recent discussions between Cohen and Alibaba have taken place, according to insiders, but the specifics of Cohen’s plans for Alibaba remain unclear.
Cohen, the former CEO of online pet-supplies store Chewy (NYSE:CHWY), which he co-founded in 2011, has been serving as the CEO of GameStop (NYSE:GME) since 2023.
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