GameStop CEO Increases Stake to 9.1% with $22.8 Million Purchase
GameStop CEO Ryan Cohen purchased approximately $22.8 million in company shares this month, raising his ownership stake to 9.1%. This marks his second share purchase in October.
GameStop CEO Ryan Cohen has significantly increased his stake in the video game retailer, acquiring nearly $22.8 million worth of shares this month. This latest purchase brings his total ownership in the company to 9.1 percent.
The acquisition represents Cohen's second substantial share purchase in October. A previous filing with the U.S. Securities and Exchange Commission on October 2 disclosed another purchase valued at approximately $17.1 million.
Cohen's current stake remains below the 10% threshold that typically triggers more stringent regulatory reporting requirements under Section 16 for beneficial owners. However, as CEO, he is already subject to these Section 16 reporting obligations regarding short-swing trading profits.
This move by the CEO comes as GameStop's stock has seen a notable increase of 35.6% this year. Earlier in the year, the company reportedly attempted to acquire eBay for about $56 billion, an offer that eBay rejected.