Activist investor Ryan Cohen has taken a stake in Alibaba Group Holding Ltd. (BABA) and is pushing the Chinese e-commerce giant to buy back more of its shares, the Wall Street Journal reported citing people familiar with the matter.
According to the report, Cohen, known as the meme-stock king for helping ignite explosive rallies in GameStop Corp. and others, built up a stake worth hundreds of millions of dollars in the second half of last year.
The report noted that Cohen first contacted Alibaba's board in August to say he saw the company's shares as undervalued.
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