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GameStop CEO Reportedly Adds Stake in Alibaba at US$1B
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GameStop (GME.US) CEO and billionaire investor Ryan Cohen added stake in Alibaba (BABA.US) to about 7 million shares, worth about US$1 billion, the Wall Street Journal reported on Thursday. Cohen's overweighting of Alibaba's shares is due to his bullishness on the long-term growth of the Chinese economy, the report quoted people familiar with the matter as saying. Alibaba posted robust profit growth in the December quarter due to the strong performance of its cloud intelligence group and e-commerce group. Alibaba's stock price spiked 8.1% on Thursday. Cohen reportedly urged Alibaba to increase buybacks in 2023 because he believed that Alibaba's stock price was acutely undervalued. AAStocks Financial News |
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