Billionaire Ryan Cohen, the largest individual investor in GameStop, is taking over as CEO at the video game retailer
FILE - In this image from video provided by the House Financial Services Committee, Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, on Feb. 18, 2021. A new film based on the GameStop stock frenzy,"Dumb Money," is premiering at the Toronto International Film Festival. Cohen is already the board chairman and the company's largest individual investor.
Cohen’s holding company RC Ventures is the biggest investor in GameStop, holding about a 12% stake. Cohen co-founded Chewy, the online pet supply company, and had hoped to modernize GameStop, founded in 1984. GameStop's meme stock story is so intriguing that a movie was created about it, called “ Dumb Money." The company's shares took off two years ago after a band of smaller-pocketed investors helped boost its stock 1,000% in two weeks. The surge for GameStop and other downtrodden stocks at the time laid bare how much power is being wielded by a new generation of investors, armed with apps on their phones that make trading fun.
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