Is Carl Icahn About to Buy GameStop (GME) Stock?
Speculation concerning corporate raider Carl Icahn purchasing a stake in GameStop (NYSE:GME) abounds after activist investor and GameStop Chairman Ryan Cohen posted a picture of the pair on Twitter (NYSE:TWTR). GME stock is up 3.5% so far today in the wake of Cohen’s post.
pic.twitter.com/n2xaaV2Lej
— Ryan Cohen (@ryancohen) October 18, 2023
Cohen rose to the spotlight after selling Chewy (NYSE:CHWY) to PetSmart for $3.55 billion in 2017. He entered into meme stock territory in August 2020 after purchasing 5.8 million shares of GME stock, equivalent to 9% of shares outstanding.
In January 2021, he was appointed Chairman of the video game retailer. As of March 22, he owns a total of 36.4 million shares of GameStop through his investment firm, RC Ventures, making him the largest shareholder.
Meanwhile, Icahn has been in the public scope for much longer. He founded his first fund, Icahn & Co., in 1968 and later founded Icahn Partners in 2004. Throughout his career, he has taken significant stakes in companies like Netflix (NASDAQ:NFLX), Blockbuster and Lyft (NASDAQ:LYFT), which led to his reputation as the corporate raider.
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