GameStop shares have rallied after it was revealed that its executive chairman and activist investor Ryan Cohen and another director in the company increased their stakes in the video game retailer.
Cohen scooped up almost $10 million in GameStop shares last week taking his stake to about 12%, according to a filing published by the SEC Tuesday.
GameStop board member Lawrence Cheng also purchased just under $112,000 in shares, another filing showed.
The stock purchases come as GameStop’s board ousted its CEO Matt Furlong last week, its fifth chief lost within the last five years.
Cohen, an entrepreneur activist investor known for his investments in so-called "meme stocks" like GameStop and Bed Bath & Beyond, joined GameStop’s board in January 2021.
He was named executive chairman of the company following Furlong’s firing last week.
GameStop shares had added 5.6% at US$25.67 on Tuesday morning.
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