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Jim Stop Chairman Ryan Cohen bought another 100,000 shares of the video game retailer on Tuesday, raising his ownership to 11.9% as the activist investor attempts to push the company into e-commerce.
The meme stock jumped nearly 20% in after-hours trading on Tuesday after rising 30% during the regular trading session.
Cohen bought these shares through his investment firm RC Ventures at a cost as low as $96.81 and as low as $108.82 per share, according to a regulatory filing. Now he owns a total of 9,101,000 shares in GameStop.
Cohen co-founded a retailer of pet supplies rubbery And she managed to turn it into a thriving business. The investor was chosen by GameStop early last year to serve as chair of a special committee set up by its board of directors to aid in its transformation.
Soon after his appointment, GameStop experienced a brief jaw-dropping stressor that sent shock waves through Wall Street. A group of retail investors gathered together in online chat rooms, encouraging each other to stockpile GameStop stock and call options to put pressure on short sellers. The stock finished 2021 up more than 680%.
Just two weeks ago, Cohen Revealed a large share at bed bath behind It prompted the transformation. He wrote a letter to the company’s board of directors, saying the home appliances retailer is struggling to reverse its market share losses and overcome supply chain problems.
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