Cohen Loads Up on GameStop Stock, Buys $10 Million Worth
GameStop CEO Ryan Cohen has made another significant purchase of his company's stock. Regulatory filings show that Cohen bought 450,000 shares of GameStop (GME) for $10.6 million on September 29th.
This brings his total holdings to over 40.9 million shares, representing an 8% stake in the video game retailer and a value of $998.36 million.
Cohen's latest purchase is part of a larger trend where he has been acquiring large amounts of GME stock in recent weeks.
On September 10th, Cohen bought $20.4 million worth of shares, and on September 21st, he acquired another $26.3 million of company stock.
Cohen's purchases come as GameStop's share price has declined by 10% over the past 12 months and 44% over the past five years.
Under Cohen's leadership, GameStop has implemented cost-cutting measures to improve its financial results. He has also made headlines for adding Bitcoin (BTC) to the company's treasury reserves.