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

Group 1 - Ryan Cohen has increased his stake in Alibaba to approximately 7 million shares valued at about $1 billion, indicating a bullish outlook on China's long-term economic growth [1] - Alibaba reported a significant profit increase in the December quarter, driven by strong performance in its Cloud Intelligence unit and e-commerce segment, leading to an 8.1% surge in its shares [2] - Cohen has previously urged Alibaba to enhance its stock buybacks, believing the stock is significantly undervalued [2] Group 2 - Jack Ma, Alibaba's founder, attended a closed-door meeting with President Xi Jinping, where the President encouraged private businesses to demonstrate their capabilities and build confidence in a new era [3] - Ryan Cohen became CEO of GameStop after his involvement in the company contributed to a trading frenzy in 2021, and he has been working on a turnaround strategy for the retailer [4] - Under Cohen's leadership, GameStop has focused on cost-cutting and operational efficiency to maintain profitability despite stagnant growth [5]