The Gamestop CEO, Ryan Cohen, uploads its personal participation in Alibaba to $ 1 billion, says the WSJ

Gamestop The CEO and billionaire investor, Ryan Cohen, has increased its personal participation in the Chinese electronic commerce giant alibaba approximately 7 million shares worth approximately $ 1 billion, the Wall Street Journal reported Thursday.

Citing people familiar with the matter, the Journal said that the considerable participation in Alibaba is an optimized commitment to long -term China’s economic growth.

Cohen was not available immediately when CNBC contacted comment.

The news came after the Chinese Titan published a increase in acute profits In the quarter of December in the midst of force in its cloud intelligence unit and electronic commerce segment. Alibaba shares increased 8.1% on Thursday.

In 2023, the investor urged Alibaba to increase the repurchases, since he believed that the shares were severely underestimated, said the Journal.

Alibaba’s open founder Dothat has remained largely outside the public eye since 2020, was one of the entrepreneurs who attended a rare closed door meeting headed by the Chinese president Xi Jinping On Monday, during which Beijing leader urged private companies to “show their talents” and strengthen their confidence in a “new era” for their activity.

Cohen became CEO of Meme Stock Gamestop after his participation in the video game retailer, in part, triggered a historic commercial mania on Wall Street in 2021. The investor, which co -founded ToughHe has been leading a change in brick and mortar retailer in recent years.

Under Cohen’s leadership, Gamestop has focused on reducing costs and optimizing operations to ensure that the business is profitable even though it is not growing. Earlier this month, CNBC reported that Gamestop was considering investing in bitcoin and other cryptocurrencies.

– Click here To read the story of WSJ.