GameStop co-founder Gary Cousin explains what CEO Ryan Cohen had to do to clean up shop and turn the company around.
GameStop shares jumped more than 30% on Monday after a new Reddit post from retail investor Keith Gill.
A screenshot posted by Gill on Sunday showed GameStop holding 5 million, or 1.8% of its publicly available shares, on the platform, with DeepF————————— value and “Roaring Kitty” among others. It also showed $65.7 million worth of GameStop call options, which are typically bought to express a bullish outlook. It expires on June 21 at a strike price of $20. It is estimated to be worth around 116 million dollars.
| ticker | Security | Past | change | conversion % |
|---|---|---|---|---|
| GME | Gamestop Corp. | 28.77 | +5.67 | +24.52% |
GameStop Frenzy: Who’s Roaring Kitty?
Shares of GameStop closed at $23.13 on Friday.
And in X he released a reverse green card from the Uno game. Although he didn’t specify the meaning, it could mean a comeback in the meme stack world.
In May, Gill returned to social media after a three-year hiatus with a post that appeared to show him playing in a chair.
GameStop’s stock continues to rise, punishing short sellers
The post sparked a buying frenzy in the stock, favored by Reddit users and other retail investors, despite no concrete news, sending the stock up more than 134% in two days.
It brought back memories of the 2021 surge that saw the stock soar 103.94% at one point, with significant financial consequences for short sellers.
The uproar following Gill’s post in early May underscores the company’s loyal following, GameStop co-founder Gary Cousin told Fox Business.
“The relationship between the company and its fans is very sticky because these fans will advocate for the company in the face of any adversity,” Cousin said.
Wall Street “makes a perfectly rational argument that GameStop’s stock price is overvalued,” he said last month.
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“It’s very difficult to argue that the analysis isn’t true,” Kussin said. However, he added, GameStop fans “are clearly not afraid of the facts.”
Reuters contributed to this report.
