Alibaba Seen Fighting Off Cohen’s Pressure for Stock Buybacks
(Bloomberg) — Billionaire investor Ryan Cohen’s efforts in pushing Alibaba Group Holding Ltd. to buy back more shares may face challenges.
Alibaba bought $7.3 billion of its U.S.-traded stock in nine months of 2022, a 21% drop from the amount in 2021, according to the latest filings compiled by Bloomberg. Analysts say Cohen’s call — after he took a stake in the e-commerce leader — may go unheeded given that his holding remains relatively small and China’s companies are less driven by shareholder value than their U.S. counterparts.
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