GameStop’s army of Reddit traders are thrilled at the news that Ryan Cohen has been nominated as president of the traditional video game retailer, reinforcing the power of moderators seen as crucial. for the change of hope of individual investors.
Cohen, whom social media retailers respectfully treat, was seen as a sort of savior in the bluejeans during the crusade to deliver GameStop’s value.
stocks to the moon, while squeezing at their feet, hedge funds tried to bet on GameStop shares.
35-year-old Cohen will succeed Kathy Vrabeck on June 9, the company’s annual meeting day.
Thursday’s message boards were lit up, reflecting the excitement of the Reddit crowd:
“CHAIRMAN COHEN!” has posted many users on the Reddit board r / Superstonk, with those messages accompanied by rocket emojis demonstrating their belief that Cohen’s new role will bring GameStop shares “to the moon”.
For the social media retailer, Cohen’s leadership promises greater change for the company.
“DADDY CHAIR COHEN”, a Reddit user posted.
Cohen seemed to appreciate that sentiment, tweeting a photo edited of him like an armchair created earlier in the day by Reddit user “ButtFarm69”:
Cohen joined GameStop’s board earlier this year and immediately began advocating the transition to digital sales – an effort he’s currently leading. His pedigree as the co-founder of Chewy Inc.
Part of the reason he has drawn such enthusiasm from individual investors. He recently disclosed a 12.9% stake in GameStop through his personal investment arm RC Ventures LLC, according to public documents.
Cohen’s involvement in GameStop also caught the eye of social media security expert Keith Gill -aka Roaring Kitty, aka DeepFuckingValue, who posted an upbeat and Cohen-focused investment thesis on GameStop. , grabbed attention and played a key role in the horrifying January spin that brought GameStop shares to over 1,600% in just a few days.
Though the stock is back on Earth, Cohen appears to have made a good deal of his commitment to give GameStop’s leadership a breakthrough. In addition to forming a strategy committee, formed last month to identify ways to accelerate GameStop’s transformation, the company has also attracted senior executives from Chewy and Amazon, simultaneously. notice of the departure of chief financial officer and client manager.
When Cohen tweeted a photo of his late father with the phrase “Superman lives forever” on March 17, he received almost 1,000 responses from users – many of whom were frank with GameStop’s bulls – offering condolences to Some people even speculate that the tweet will push the stock up.
But while Cohen’s impending reign excites GameStop speculators, shares have traded 1.4% lower on Thursday and have fallen more than 8% so far this week.
Some GameStop enthusiasts have been fantasizing about the possibility of an even more radical addition to the retailer’s ranks: Gill. That’s in spite of the fact that Roaring Kitty has no experience running a multibillion-dollar corporation.