Topline
GameStop Chair and Chewy co-founder Ryan Cohen revealed that on Tuesday he bought more than $ 10 million in shares of the target and mortar game seller as the stock rose more than 30% – a revelation that helped the so-called meme stock continued to climb 15% in after-hours trading.
GameStop shares rose over 30% on Tuesday, rising another 15% after the billionaire … [+] Revelation.
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Key facts
In an evening statement, Cohen revealed that his investment firm RC Ventures bought 100,000 GameStop shares on Tuesday for a combined $ 10.2 million, at prices ranging from $ 96.81 to $ 108.82.
“I put my money where my mouth is,” the 36-year-old tweeted shortly after the registration was released.
In a separate filing, the entrepreneur revealed that his company owns a total of 9.1 million shares for approximately $ 86.1 million purchased, excluding brokerage commissions.
Shares of brick-and-mortar traders rose more than 15% in post-market trading after the release, reaching $ 142.25 at around 7pm ET, after rising almost 31% on Tuesday; as of Tuesday night, Cohen’s party is worth more than $ 1.1 billion.
Emerging from the broader market, this week’s shares helped GameStop recover losses after the company posted a worse-than-expected fourth-quarter loss of $ 147.5 million last week, compared to a profit of $ 80.5 million in the period one year earlier.
A representative for Cohen did not immediately respond Forbes‘Request for comment.
Key background
Last January, Reddit retailers famous GameStop declared their meme stock of choice as they bought Wall Street the most short-lived companies. The company has been one of the worst-hit brick-and-mortar traders in the last decade as independent firms like Minecraft lifted market share, but their shares started in 2020, when Cohen started buying shares at about $ 6 and managing for blasting for “lack[ing] the mindset change required, resources and planning [help GameStop] became a dominant player in the industry. “Cohen took over as president of the company last April, but has so far remained quite motherly about his turnaround plans.
Surprising fact
After skyrocketing more than 800% last January, GameStop continued to attract massive fanfare from retail investors, despite intense volatility. Shares have fallen about 59% since an all-time high set in June, but they have risen surprisingly 3,000% in the last two years.
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