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GameStop CEO is bailing out with a $180M golden parachute thanks to WallStreetBets

Here we go again? GameStop's share price bounces back to $180

GameStop’s share price exploded to record highs in late January, spurred by a bizarre combination of Reddit, Elon Musk, and a YouTuber who calls himself Roaring Kitty. But it actually began to show signs of life well before that, in August 2020, when Chewy (that’s an online pet store) co-founder Ryan Cohen purchased a nine percent stake in the company. That started a climb in the company’s share price that continued when he increased his stake to nearly 13 percent a few months later.

Cohen also had a plan to turn the company around. GameStop was a “destination” shop for gamers of all stripes for years, but the rise of digital distribution had rendered it largely irrelevant, especially those of us on PC who enjoyed the early benefit of Steam. Cohen’s idea, according to this Bloomberg report, is to give it a greater online presence, expand its offerings, and improve its turnaround time on shipping—essentially, to become a smaller-scale competitor to Amazon.

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