Meme-stock billionaire Ryan Cohen has built a stake in Chinese tech giant Alibaba worth hundreds of millions and is reportedly ready to push for share buybacks
– and is reportedly pushing for the Chinese tech giant to plow more cash into buying back its own shares.
Cohen accumulated a stake in Alibaba worth hundreds of millions of dollars in the second half of 2022, according to aFor months, Cohen has been privately pushing for the e-commerce firm to commit to spending an extra $20 billion for buying back its own shares, the publication said. Buybacks tend to boost a company's stock price because they signal to the market that the business feels its shares are undervalued.that it had spent $18 billion repurchasing its own shares in the third quarter of 2022 and was aiming to buy back $40 billion worth of shares in total, with the plan lasting until May 2025.
Alibaba shares are up 49% since the November announcement, and were trading at $117.01 as of Friday's closing bell – but that's still way below the record of just under $310 set in October 2020 as investors took advantage of low interest rates to pile into tech stocks., which he sold for $3.35 billion in 2017.between August and December 2020, with his appointment as chair of the company's board in January 2021 triggering a short-squeeze that saw shares rally 1,500% within two weeks.
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