Billionaire investor Ryan Cohen has grown his private stake in Chinese language e-commerce large Alibaba Group to roughly $1 billion in latest months, the Wall Avenue Journal reported Thursday, citing individuals accustomed to the matter.
Cohen’s place represents about 7 million shares, the report stated.
Alibaba and Cohen, CEO of GameStop, didn’t instantly reply to Reuters’ requests for remark.
Cohen had constructed a stake in Alibaba value lots of of hundreds of thousands of {dollars} in early 2023 and was pushing the corporate to extend and pace up share buybacks, sources had then informed Reuters.
Chinese language tech shares have been on the ascent in latest days, after the emergence of home synthetic intelligence startup DeepSeek. A gathering between Chinese language President Xi Jinping and enterprise leaders within the sector additionally boosted investor sentiment.
Alibaba earlier on Thursday flagged plans to speculate extra in its e-commerce and AI-powered cloud computing companies and reported third-quarter income above analysts’ estimate on the again of robust year-end gross sales.
