Top GameStop investors reap billions from dizzying stock surge

The massive surge in GameStop’s stock price has made three of its biggest investors billions of dollars richer.

The video-game retailer’s top individual shareholders racked up a collective gain as large as $5.5 billion as Reddit day traders drove the shares to dizzying heights.

The biggest winner is Chewy.com founder Ryan Cohen, who joined GameStop’s board of directors earlier this month.

Cohen effectively lit the fuse for GameStop’s explosive rally — his view that the chain was primed for a turnaround led rookie traders on Reddit’s “WallStreetBets” forum to buy the company’s shares left and right before they went to war with institutional investors who bet against the stock.

Cohen owns about 9 million GameStop shares for which he paid an average of $9.12 apiece, putting his an initial investment at roughly $82 million, according to Bloomberg data. His 13 percent stake in the company had ballooned to a market value $3.4 billion a... (Read more)

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