Activist investor targets Chinese tech giant Alibaba

The activist investor behind the “meme stock” surge at video game retailer Gamestop has targeted Chinese tech giant Alibaba.

Ryan Cohen, who helped cause a 400pc rally in its share price in 2021 thanks to interest from traders on Reddit, has taken out a stake reportedly worth hundreds of millions of dollars in the Chinese company.

Mr Cohen, who is now chairman of Gamestop and has a net worth of $2.5bn (£2bn), is said to be pushing for share buybacks. It is not known how much influence he has had after building his minority stake in Alibaba, first reported by The Wall Street Journal. Shares in the e-commerce giant are up 85pc since October amid a resurgence in China’s stock market.