Shares of GameStop soared about 7 per cent Tuesday on the news of the stock sale.
The company's stock has been on a tear, even though several hedge funds and other short sellers have been betting against it. GameStop CEO George Sherman is also planning to step down later this year, a move that further illustrates Cohen's growing control over the company. In the past few months, GameStop has hired several former Chewy executives as well as some from Amazon.
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