Ryan Cohen Increases Stake in Alibaba to $1 Billion
Ryan Cohen, the prominent investor known for his roles as CEO of GameStop and founder of Chewy, has reportedly expanded his investment in Chinese e-commerce giant Alibaba. Sources indicate that Cohen has increased his stake to approximately 7 million shares, valued at around $1 billion.
While Cohen has engaged in private discussions with Alibaba, the specifics of his plans with the company remain undisclosed. In 2023, Cohen advocated for Alibaba to accelerate its share repurchase program, expressing his belief that the stock was undervalued.
Cohen’s influence on financial markets has been significant, particularly among retail traders who have closely followed his moves since his leadership at GameStop during its meme stock surge. His investment decisions have historically triggered market movements, as evidenced by his involvement with Bed Bath & Beyond in 2022.
During that period, Cohen acquired a nearly 10% stake in the struggling retailer, causing a substantial boost in its stock price. However, his subsequent decision to sell his entire stake led to a dramatic 43% drop in the company’s stock value.
Alibaba’s stock has shown positive momentum in recent days, with a 4% increase on Friday following an 8% surge on Thursday after strong earnings results. As of 10:30 a.m. ET, Alibaba shares were trading at $142.60.
The impact of Cohen’s increased stake on Alibaba’s future performance and strategy remains to be seen, as investors and market analysts closely monitor developments in this high-profile investment.
