Pet supplies entrepreneur Ryan Cohen has been buying up GameStop stock to help spark a turnaround at ... [+] the brick-and-mortar video game retailer, feeding a frenzy among retail traders who are expecting massive gains. The company also announced Thursday it plans to pay its directors solely with GameStop shares, as opposed to the up to $140,000 most directors received in cash last year (representing a slight majority of total compensation). GameStop shares, which have skyrocketed a staggering 930% this year, soared more than 6% in pre-market trading following the announcement. That's how much Cohen, who owns roughly 13% of GameStop shares, is worth as of Wednesday's market close, according to Forbes. Cohen's growing stake helped him and a couple of his Chewy colleagues earn seats on GameStop's board in January, fueling bullishness among Reddit traders expecting the turnaround.

Source: Forbes April 08, 2021 13:07 UTC