GameStop CEO Cohen Boosts Alibaba Stake to $1B Amid E-commerce Giant's Resurgence

GameStop CEO Ryan Cohen has significantly increased his personal stake in Alibaba Group Holding Ltd., a Chinese e-commerce giant, to approximately $1 billion. According to a recent report by The Wall Street Journal, Cohen has acquired an additional 7 million shares, bringing his total holdings to a substantial level.

Cohen's investment comes at a time when Alibaba's financial performance has shown significant improvement. The company's fourth-quarter profit surged, driven by strong growth in its cloud computing and e-commerce businesses. This positive news led to a significant increase in Alibaba's stock price, which rose by 8.1% on Thursday.

Cohen's decision to increase his stake in Alibaba suggests a vote of confidence in the company's long-term prospects. As the CEO of GameStop, Cohen has been instrumental in transforming the company's business model, focusing on digital gaming and e-commerce. His investment in Alibaba may indicate a belief in the potential of the Chinese e-commerce market and the company's ability to capitalize on growth opportunities.

Alibaba's strong performance in the fourth quarter reflects the company's continued dominance in the Chinese e-commerce market. The company's cloud computing business has also shown significant growth, driven by increasing demand for cloud services from businesses and consumers alike. As Alibaba continues to expand its offerings and explore new markets, investors like Cohen are likely to remain optimistic about the company's future prospects.