GameStop CEO Matt Furlong Has Now Been Fired
GameStop (NYSE:GME) CEO Matt Furlong has now been fired according to the company’s 10-Q filing with the Securities and Exchange Commission.
Furlong — who was not mentioned by name in a company press release Wednesday — had served in the chief executive role since June 2021.
At the same time, the company disclosed Ryan Cohen has been elected as Executive Chairman.
Furlong joined GameStop after eight years at Amazon; before he left Amazon, he was the leader of the company’s Australia business.
“GameStop today disclosed that its Board of Directors has elected Ryan Cohen as Executive Chairman, effective immediately.
Mr. Cohen’s responsibilities include capital allocation and overseeing management.
In conjunction, the Company’s former CEO has been terminated.”
According to The Verge, Matthew Furlong was fired on June 5th without cause.
GME stock plunged -19% afterhours after having a +5.75% gain day.
GameStop is currently up more than +51% this year-to-date.
Read: Analyst Says AMC and GME Have Highest Squeeze Potential
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GameStop Says 30% of Shareholders Have Registered Their Shares
Ryan Cohen has been known by the retail community to taunt short sellers, giving long investors reason to love him.
Early this year, GameStop reported at least 30% of its shareholders have registered their shares with the Direct Registration System (DRS).
According to the filing, approximately 30% of GME’s float is registered equating, to 71.3 million shares.
The efforts from retail investors come as a means to prevent manipulative short seller attacks.
How much of GameStop’s float is owned by retail investors?
Nearly 70% of the float is owned by individual shareholders according to Vickers Stock Research.
This means nearly 40% of retail investors have not registered their GameStop shares through DRS.
Yet it’s very possible the percentage of GameStop shareholders who have registered their shares has grown in the past months.
GameStop’s Chair Ryan Cohen himself owns more than 12% of GME shares.
These are held through Ryan’s holding company RC Ventures, which Vickers considers to be Institutional ownership (12% on graph).
Is DRS working out for GameStop shareholders?
It very well could be, considering GME shares are up more than +51% this year.
GameStop continues to be a popular company amongst retail investors, primarily due to the massive community of shareholders who are looking to squeeze short sellers again.
During the spark of the ‘meme stock’ frenzy, GameStop shares rose to $483 per share, a superior all-time high.
But shareholders are not convinced the stock is done running.
Read: GameStop is Now a Profitable Company, Should You Buy It?
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In my opinion, I listen to David’s call with the utuber. All he did was deny it was his fault and talked about how he was a hard worker like Elon and he wanted to be the #2 EV company. He has never reached out to Lawrence and lawyers to resolve the issue, which turns out to be paying Mullens contractual obligation to Lawrence. All he has done is say we mail his lawyers some new contracts and have not heard back in a month! He is the damn CEO, so in a startup he is still responsible for solving the issues! He has not made it yet! If and when Mullen is a $30-40B market cap then others will be responsible for solving his problems. But today, since his companies stock is on fire and heading way below $0.50, then he owns this issue and need to get off his ft as and setup the meeting with Lawrence to resolve the issues with Mullen aging it’s contractual obligations to Lawrence. It’s a lot cheaper than David going back to Title Pawn like he just did for 20M! There is critical revenue that will support upcoming productions, so whoever, board or directors, David’s wife/girlfriend, or his therapist please kick him in the ass to wake him up and see what is at stake for the company and investors. Please tell the king he has no clothes on and let’s move the ball forward! Just my opinion.
Adam Aron should be next!!!!!!!!!
yeah right
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