GameStop’s shares soared more than 20 percent on a report that its largest individual shareholder is hatching a plan to go head-to-head with Amazon.
Shares of the Grapevine, Texas video-game retailer surged as Ryan Cohen — the founder of Chewy.com — disclosed in a government filing on Monday that he has had conversations with senior management and several board members about becoming more involved in the company, according to the filing.
Cohen took nearly a 10 percent stake in GameStop on Aug. 31, sending its shares up by more than 27 percent. Chewy.com was scooped up in 2017 for $3.35 billion by PetSmart.
Source: NY Post