GameStop CEO Ryan Cohen increases stake in Alibaba to $1 billion, betting on China's growth

From CNBC: 2025-02-20 16:29:45

GameStop Chairman Ryan Cohen has increased his stake in Alibaba to 7 million shares worth $1 billion, betting on China’s economic growth. Alibaba’s profit surge in December led to an 8.1% stock increase. Jack Ma attended a meeting with Xi Jinping, urging private businesses to excel in a “new era.”

Cohen, GameStop CEO, led a turnaround in the retailer’s operations, focusing on profitability. The company is considering investing in cryptocurrencies. Cohen co-founded Chewy and played a role in the historic GameStop trading mania in 2021. Alibaba founder Jack Ma made a rare public appearance with Xi Jinping.

Read more: GameStop CEO Ryan Cohen hikes his personal stake in Alibaba to $1 billion, WSJ says