![]() ![]() There were so many people shorting the stock that if the stock rallied, it would cause massive financial damage to the hedge fund investors. Then, a bunch of hedge fund managers who thought GameStop was overvalued, shorted the stock. Assured by their new perceived alliance with the ‘meme lord,’ as they often referred to Cohen, they believed they could cause a short squeeze. 11, 2021, the new focus of the company would now align with his eCommerce vision.Īt this point, WallStreetBets really started to light up. But this was the first marked move away from a more polished, professional public image for Cohen.Ī few days after that, Cohen was appointed to GameStop’s board of directors. This first tweet was mild compared to the increasingly crass meme-investor-adjacent tweets he sent out over the course of the next year and a half. 6, he tweeted an image of a Blockbuster store captioned by a poop emoji. That started to change in early January 2021, as his tweets became less professional. But he did not appear to be publicly affiliated with the community itself. He was watching, and the watching may have even influenced his initial decision to purchase GME. He became a sort of hero to them, lending more legitimacy to their ‘theses.’Īt first, Cohen was not fully engaged in the meme investor community. Meme stock investors did not overlook the fact that Cohen shared many of their same opinions on GME. He also indirectly criticized the CEO, George Sherman, for being dedicated to an outdated brick-and-mortar model. Shut down non-essential operations in Europe and Australia.With that reasoning, in November of 2020 he wrote a public letter to the board. He purports to have made private requests for changes in the company, but says they went unanswered. While Cohen’s investment didn’t start GME’s upward trajectory, it certainly helped it along in the tail end of 2020.Ĭohen thought GameStop could turn itself around by building out the eCommerce side of its business, which was notably lacking for a company that specializes in gaming. 31, 2020, Cohen’s investment firm – RC Ventures – bought up 5.8 million shares for a 9% stake in the company. ![]() Gill and Cohen apparently shared overlapping opinions about GME. In June 2019, the company went public.Ī month later, Cohen joined Twitter with a personal account His tweets were sporadic and largely professional, primarily sharing major media features of the Chewy cofounder himself. After selling to PetSmart for $3.35 billion, Cohen stayed on as CEO until 2018. He was one of those inspirational stories of an internet entrepreneur with a lot of privilege but no college education who successfully built a mega business with huge profits, despite being told he’d never be able to compete with Amazon AMZN. Ryan Cohen was the cofounder of Chewy, a pet supply eCommerce company that he sold to PetSmart in May 2017. The price of the stock inched upwards over the last quarter of 2020 as retail investors attempted to thwart major hedge funds that had short positions on GME. Gill became an influential voice on WallStreetBets. Gill formerly worked for Massachusetts Mutual Life Insurance Company, and the first mention of GameStop (GME) as an undervalued stock on his channel came on July 27, 2020. That’s when u/DeepFuckingValue, real name Keith Gill, started posting videos on YouTube under the username Roaring Kitty. The meme stock story starts several years later, in the summer of 2020.
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