GameStop CEO Ryan Cohen has expanded his stake in Alibaba to roughly 7 million shares worth about $1 billion. The investment signals a bullish outlook on China’s economic growth. Alibaba’s shares surged over 8% on Thursday after reporting a sharp profit increase in the December quarter, driven by its Cloud Intelligence and e-commerce units. In 2023, Cohen urged Alibaba to increase buybacks, believing the stock was undervalued. Alibaba founder Jack Ma attended a private meeting with Chinese President Xi Jinping, who encouraged private businesses to embrace a new era. Cohen, who co-founded Chewy, has led GameStop’s cost-cutting and operational streamlining efforts.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02GameStop CEO Ryan Cohen has expanded his stake in Alibaba to roughly 7 million
00:06shares worth about $1 billion. The investment signals a bullish outlook on China's economic
00:11growth. Alibaba shares surged over 8% on Thursday after reporting a sharp profit increase in the
00:16December quarter, driven by its cloud intelligence and e-commerce units. In 2023, Cohen urged Alibaba
00:22to increase buybacks, believing the stock was undervalued. Alibaba founder Jack Ma attended
00:27a private meeting with Chinese President Xi Jinping, who encouraged private businesses
00:32to embrace a new era. Cohen, who co-founded Chewy, has been leading GameStop's cost-cutting
00:37and operational streamlining efforts. For all things money, visit Benzinga.com.