GameStop CEO Ryan Cohen Buys 1.1 Million More Shares, Now Owns 9% of Company

GameStop CEO Ryan Cohen has executed a major stock purchase, buying more than 1.1 million shares of his own company and spending $26.4 million in the process. He purchased the shares at approximately $23 each, according to an SEC filing made public on September 21. The transaction boosted GameStop's stock price, which rose more than 3 percent following the disclosure.

Cohen now owns roughly 40 million shares of GameStop, representing about 9 percent of the company. This latest purchase follows another significant buy earlier in September, when Cohen acquired 1 million shares at a lower price point. Several GameStop directors also made share purchases during the month.

While SEC filings do not disclose the reasoning behind such purchases, executives buying their own company's stock is typically interpreted as a sign of confidence in management's outlook. Share buybacks by executives can temporarily boost stock prices by reducing the number of shares available in the open market.

GameStop has undergone substantial transformation in recent years, shifting its business focus away from video game sales toward collectibles, which now generate the bulk of its revenue. The company has supported this pivot through store closures, employee layoffs, and store reopenings.

Cohen has also made headlines with other initiatives, including an unsuccessful bid to purchase eBay and discussions around reselling digital game items, though details on the latter remain unclear.