Al Gore’s Firm Doubles Investment In Alibaba

June 01, 2021 12:15 PM PDT | By Team Kalkine Media

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Al Gore’s Firm Doubles Investment In Alibaba — Image source: ,Shutterstock

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Summary

Former US vice president Al Gore’s Generation Investment Management has doubled its investment in Chinese internet giant Alibaba Group.

Alibaba stock surged 2.65% in the early trade on June 1.

The investment firm sold all its 2,00,000 shares in the vacation rental company Airbnb.

Generation Investment Management, co-founded by former US vice-president Al Gore, has doubled its investment in the Chinese internet company Alibaba Group Holding Limited (NYSE:BABA), according to its filing with the Securities and Exchange Commission (SEC).

Al Gore’s investment firm has bought 1.5 million more Alibaba American depositary receipts (ADR) by the end of Q1. It now owns 3 million Alibaba shares. BABA stock was trading at US$219.56 at 10.25 am on June 1, up 2.65% from its previous close.

Source: Pixabay.

Alibaba’s Business

Alibaba’s market cap is US$579.45 billion. The Chinese multinational company runs a consumer-to-consumer business model. Transactions are made electronically. Its online and cloud-computing platforms led sales.

Alibaba debuted on the New York Stock Exchange on September 19, 2014. In Q1 of 2021, it logged revenue of around US$28 billion, up 64% YoY. It posted a net loss of US$836 million in the same period.

Also read: Airbnb Raises Recovery Optimism Despite Weak Results

Meanwhile, Generation Investment Management also has changed its investments. It sold all its 2,00,000 shares in vacation rental company Airbnb (NASDAQ:ABNB) by the end of Q1.

ABNB stock was trading at US$144.89 at 2:56 PM ET on Tuesday, an increase of 3.20% from the previous close. The stock had been volatile, seeing a sharp rise and fall in March and April.

However, the stock is expected to perform better with the reopening of the world economy. The stock had been trading flat over the past six months.

Generation also sold 10.3 million stocks in the financial services company Charles Schwab. The SCHW stock was up 41% YTD. It was trading at US$74.505 at 3:04 pm ET on Tuesday.

Additionally, it reduced states in Texas Instruments (TXN), which manufactures semiconductors.

Generation Management was founded in 2004 by Al Gore and David Blood, former asset manager of Goldman Sachs.

Also Read: Why Alibaba Stocks (BABA) Are Rallying Despite Antitrust Fine?

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