Cohen’s holding company RC Ventures is the biggest investor in GameStop, holding about a 12% stake. Cohen co-founded Chewy, the online pet supply company, and had hoped to modernize GameStop, founded in 1984.
GameStop's meme stock story is so intriguing that a movie was created about it, called “ Dumb Money." The company's shares took off two years ago after a band of smaller-pocketed investors helped boost its stock by 1,000% in two weeks. The surge for GameStop and other downtrodden stocks at the time laid bare how much power is being wielded by a new generation of investors, armed with apps on their phones that make trading fun.
In June 2021, GameStop raised more than $1 billion in a stock sale. A previous stock offering raised about $551 million.
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