GameStop’s army of Reddit traders are delighted to hear that Ryan Cohen has been named president of brick-and-mortar video game retailer, representing a consolidation of power for a leader seen as crucial to individual investors hoped-for recovery

Cohen, whom retailers on social media treat with reverence, has been seen as some sort of messiah in blue jeans in the midst of the crusade to send the market value of GameStop
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-433%
on the moon, while squeezing the hedge funds that bet against the actions of GameStop

Cohen, 35, is expected to succeed Kathy Vrabeck as head of the board on June 9, the date of the company’s annual meeting

– PRESIDENT COHEN! – posted several users to the Reddit r / Superstonk board, with these posts followed by rocket emojis signifying the belief that Cohen’s new role will propel GameStop’s action to the moonâ € ”

Cohen seemed to enjoy the sentiment, tweeting a photoshopped image of himself as an armchair created earlier today by Reddit user – ButtFarm69 -:

Cohen joined GameStop’s board earlier this year and immediately began promoting a transition to digital sales. an effort he is currently leading His pedigree as a co-founder of Chewy Inc is one of the reasons he has attracted such enthusiasm from individual investors He recently revealed a 12% stake in GameStop through his branch of ‘personal investment RC Ventures LLC, according to public documents

Cohen’s involvement with GameStop also caught the attention of social media guru Keith Gill aka Roaring Kitty, aka DeepFâ ???? ingValue â ???? who posted an upbeat, Cohen-centric investment thesis on GameStop that garnered attention and played a key role in the manic January squeeze that sent GameStop shares soaring over 1600% in a matter of days

Despite the return of actions to Earth, Cohen appears to have delivered on his promise to rejuvenate GameStop’s leadership in addition to creating a strategy committee, formed last month to identify ways to accelerate the transformation of GameStop, the company has also recruited senior executives from Chewy CHWY and Amazon
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061%
to serve alongside CEO George Sherman and announced the departure of CFOs and clients

When Cohen tweeted a photo of his late father with the phrase “Superman lives forever” on March 17, it received nearly 1,000 responses from users many of them are outspoken GameStop bulls offering condolences, with some even speculating that the tweet would drive up the stock

But while Cohen’s upcoming reign on the set has thrilled the GameStop Bulls, the stock was trading 14% lower on Thursday and has been down more than 8% so far this week

A few yarn-dyed GameStop enthusiasts fantasized about the possibility of an even more drastic addition to the retailer’s ranks: Gill This despite the fact that Roaring Kitty has no previous experience running a a billion dollars

Tom Jessop, Head of Fidelity Digital Assets at Fidelity Investments, says the maturation and adoption of digital assets as an investment class will continue at a rapid pace in the years to come, a sign that crypto has perhaps a turning point in the world of traditional finance

Ryan Cohen

World News – CA – Ryan Cohen, 30, consolidates his power at GameStop, and the Reddit crowd cheers – but the title is mediocre

Source: https://www.marketwatch.com/story/the-30-something-cohen-consolidates-power-at-gamestop-and-the-reddit-crowd-cheersbut-the-stock-is-so-so-11617904869