GameStop (NYSE:GME) CEO Matt Furlong has now been fired according to the company’s 10-Q filing with the Securities and Exchange Commission.
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.
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.
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