$1 billion bet! The "King of Meme Stocks" in the US stock market is eyeing Alibaba
GameStop CEO, Cohen, who led retail investors to short squeeze Wall Street, is also known as the "King of Retail Concept Stocks," and his investment moves have always attracted market attention. Analysts believe that although the $1 billion stake is relatively small compared to Alibaba's $325 billion market value, Cohen's action will encourage a large number of retail investors to follow suit
Recently, "King of Meme Stocks" Ryan Cohen has been continuously increasing his holdings in Alibaba. According to The Wall Street Journal, Cohen's personal stake in Alibaba has increased to approximately $1 billion, around 7 million shares.
Analysts say that Cohen's increase in holdings reflects his optimistic attitude towards China's long-term economic growth prospects. Although the $1 billion stake is still relatively small compared to Alibaba's market value of $325 billion, Cohen's move is likely to encourage a large number of retail investors to follow suit.
Cohen is also known as the "King of Retail Concept Stocks" and is the CEO and founder of online pet supply retailer Chewy. He has served as the CEO of GameStop since 2023.
In 2020, Cohen gained fame for leading American retail investors to force a short squeeze on Wall Street, and his investment moves have always attracted market attention.
Reportedly, two years ago, Cohen privately urged Alibaba to accelerate its stock buyback plan, believing that Alibaba's stock price was severely undervalued. At that time, Cohen held hundreds of millions of dollars in Alibaba shares and expressed a desire to establish a long-term partnership with Alibaba.
This week, Alibaba reported its fastest revenue growth since the end of 2023, mainly benefiting from its artificial intelligence business.
Yesterday, Alibaba's U.S. stock rose 8%, closing at $136 per share. So far this year, Alibaba's U.S. stock has increased by over 60%.
