Ryan Cohen, the investor popular among meme stock traders, is pressing Alibaba to speed up its share buyback plan after acquiring a minority stake in the Chinese ecommerce group.
The exact size of the stake could not be determined but it is worth hundreds of millions of dollars, according to people familiar with the matter. Cohen started lobbying Alibaba, which has a market capitalisation of more than $300bn, in the second half of last year, they said.
Cohen is one of the most prominent figures in the retail trading boom and has been behind the stock market rallies of companies such as GameStop and Bed, Bath and Beyond.
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