GameStop Rises on Investor’s Plan to Make It an Amazon Rival
- After buying stake, Ryan Cohen has been talking to management
- Stock gains as much as 28%, furthering pandemic-era rally
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Ryan Cohen, the entrepreneur who built Chewy.com into a pet-supply giant and sold it for more than $3 billion, is now pitching GameStop Corp. on a lofty goal: becoming a true competitor to Amazon.com Inc., according to a person familiar with the matter.
The video-game retailer’s shares jumped as much as 28% to $11.17 in New York trading Tuesday, after Bloomberg News reported Cohen’s plans late Monday. That’s the stock’s highest level since March 2019.