Ryan Cohen Accumulates $1 Billion Stake in Alibaba
Ryan Cohen, Chewy founder and GameStop CEO, has reportedly amassed a substantial stake in Alibaba. Sources disclosed to The Wall Street Journal that Cohen has privately engaged with the Chinese e-commerce giant.
Cohen's current stake in Alibaba stands at approximately 7 million shares, valued at around $1 billion. The report also indicates that Cohen has been actively pursuing discussions with Alibaba. However, his potential intentions remain unclear.
Cohen's previous investment moves have significantly impacted markets. In 2022, his disclosure of a nearly 10% stake in Bed Bath & Beyond initially propelled its stock price. However, when Cohen eventually sold his stake, the company's share value plummeted by 43%.
On Friday, Alibaba's stock witnessed a 4% surge following Thursday's 8% jump after impressive earnings results. As of 10:30 AM ET, shares traded at $142.60.