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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.

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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.
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