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GameStop Jumps After Chairman Cohen Boosts Stake to 11.9%

A GameStop store in West Hollywood, California.

A GameStop store in West Hollywood, California.

Photographer: Patrick T. Fallon/Bloomberg

Updated on

GameStop Corp. rallied on Wednesday after Chairman Ryan Cohen bought 100,000 shares in the beleaguered video game retailer, boosting his stake to 11.9%. 

Cohen, who founded the pet-supply startup Chewy Inc., is a major investor and activist. His RC Ventures LLC purchased GameStop shares between $96.81 and $108.82 each, bringing his total to just over 9 million shares, according to a securities filing.