Ryan Cohen Increases Alibaba Stake to $1 Billion

Ryan Cohen, CEO of GameStop and founder of Chewy, has significantly expanded his investment in Alibaba Group, raising his stake to approximately $1 billion, or about 7 million shares. This move reflects his confidence in Alibaba amid a positive outlook for China's e-commerce market, which is expected to grow substantially in the coming years. Following a robust earnings report from Alibaba, which highlighted strong performance in its cloud and e-commerce sectors, the company's shares surged by 8.1%. Cohen's previous advocacy for share buybacks indicates his belief that Alibaba's stock remains undervalued. Additionally, a recent meeting between Chinese President Xi Jinping and business leaders has further bolstered investor sentiment in the tech sector. Cohen's growing stake in Alibaba positions him strategically to capitalize on the anticipated growth of China's online retail space.