Clearly his backing of GameStop has Wall Street excited, and it could give the company some leverage if it does decide to rival Amazon. There are two important things for investors to note here. Details of the turnaround plan are not yet known, but many investors are guessing that e-commerce expert Cohen is going to help GameStop expand its online business. Just a few weeks ago it seemed as though GameStop (NYSE:GME) was doing everything wrong amid the novel coronavirus. Answer. Cohen’s move follows a … Had multiple guests in the past week trying to yell at me about Gamestops CEO's sons going on Shark Tank about some dumb idea and how this related to them not supporting Gamestop. I don't watch the show but I'm amused by the poor logic! Under his plea agreement, prosecutors agreed to seek a sentence of 12 to 18 months. Ryan Cohen’s RC Ventures disclosed a 5.8 million-share stake, which amounts to a 9% holding. Had multiple guests in the past week trying to yell at me about Gamestops CEO's sons going on Shark Tank about some dumb idea and how this related to them not supporting Gamestop. Article printed from InvestorPlace Media, https://investorplace.com/2020/09/gme-gamestop-stock-soaring-today-chewy-ryan-cohen/. GameStop stock also seems to clash with what is driving the market right now. Ben Kusin, the son of Gamestop co-founder Gary Kusin, as well as former LCS executive producer Ariel Horn, have founded Video Game Enterainment and News Network (VENN). They've been on the show multiple times over the last few years. And why are investors so bullish on GameStop stock here? I don't watch the show but I'm amused by the poor logic! (Bloomberg) -- GameStop Corp. rose as much as 27% after an investment firm managed by the co-founder of Chewy.com acquired a stake in the troubled video-game retailer. That makes it the third-biggest investor in GameStop, behind BlackRock and Fidelity, according to data tracked by Bloomberg. This is while being ringed up for a transaction at Gamestop. Scheinberg, 73, a dual Canadian and Israeli national, was arrested in Switzerland in June 2019 and was brought to the U.S. in January after dropping an extradition challenge. Many investors had already planned a funeral for GameStop. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons… Read More: Poker Websites Agree to Settle U.S. Money-Laundering Probe, China Halts Some Imports; Fauci Cautions U.S.: Virus Update, TikTok Judge Schedules Sunday Hearing as Trump’s Ban Looms, FAA Chief to Fly 737 Max Next Week as Agency Approval Nears, Used-Clothing Platform Poshmark Says It Filed to Go Public, Podcaster Wondery Explores Sale for Hundreds of Millions. His logic? The first is that Cohen is a tried-and-true entrepreneur in the e-commerce world. This rally in GameStop stock could be just the first of what is to come. Cohen is the co-founder of online pet-supply retailer Chewy Inc. CHWY, +0.41% and he's made investments in Apple Inc. AAPL, +3.03% as well.