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Investing.com — GameStop Corp. (NYSE:GME) jumped Wednesday after chairman Ryan Cohen increased his stake, buying another 100,000 shares.
The purchase takes Cohen’s slice of the video game retailer to 11.9% as he tries to pivot the company in light of a changing market.
GameStop, one of the original meme stocks, rose 16% in early Wednesday trading, adding to a 30% rally during Tuesday’s session. However, in 2022, they are down around 7%.
Cohen, who co-founded pet retailer Chewy (NYSE:CHWY), acquired the shares through his investment company RC Ventures and paid between $96.81 and $108.82 for the stake, according to a filing.
Last week, it was revealed GameStop’s anticipated marketplace for non-fungible tokens is expected to launch by the end of the second quarter of this year.
