Everyday Power- Ryan Cohen buys 100,000 more GameStop shares, sending the meme stock up to 20% in after-hours trading.
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$GameStop (GME.US)$chairman Ryan Cohen purchased another 100,000 shares of the video game store on Tuesday, boosting his stake in the firm to 11.85% as the activist investor seeks to push it into e-commerce.
$GameStop (GME.US)$chairman Ryan Cohen purchased another 100,000 shares of the video game store on Tuesday, boosting his stake in the firm to 11.85% as the activist investor seeks to push it into e-commerce.
Following a 30% rise during the regular trading session, the meme stock rose as high as 20% in after-hours trading on Tuesday.
According to a regulatory filing, Cohen purchased these shares through his investment firm RC Ventures for as little as $96.81 and $108.82 per share. He now owns 9,101,000 GameStop shares in total.
Cohen cofounded $Chewy (CHWY.US)$, a pet-supply retailer, and grew it into a multibillion-dollar market cap company. As a successful co-founder of a list retailer company, Cohen has abundant experience of how to operate a retailer business.
$GameStop (GME.US)$appointed the investor as chairman of a special committee created by its board of directors to assist with its transformation early last year. His retailer operation experience is likely applicable to GameStop, whose business is also in the retailer industry.
What are the benefits of equity investment? As an equity investment, Cohen became a shareholder of $GameStop (GME.US)$. He can enjoy the three essential rights:
Right to receive dividends
Voting Power
Entitlement to have a distribution of liquidated assets
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