Exactly a month ago, we introduced the world to Ryan Cohen – the man who bought 9 million shares of Gametop stock in mid-2020 when it was trading at $ 8 a share. Our original article, published on January 28, will be the most read article in celebrity net worth history, reaching 12 million people on Facebook alone. It was in the midst of the first wave of GameStop mania, when the price per share rose from $ 19 to $ 400 +, making the less-known Ryan Cohen a multi-billionaire on paper. As GameStop’s stock plummeted back to reality, landing in the $ 40-50 range, we assumed the frenzy was over. we were wrong. GameStop Mania is Back Baby! And all this is due to a picture of ice cream cones …
A quick backstory
Before GameStop became famous, Ryan Cohen was known for being the co-founder of the online pet food / toy company Chewy.com. In 2017, Chewy was acquired by PetSmart for $ 3.35 billion. PetSmart made Chewy public in 2019. Today, Chewy has a market cap of $ 42 billion.
Cohen earned several hundred million dollars from the original PetSmart sale.
As we mentioned earlier, at some point in the middle of 2020, Ryan acquired 9 million shares (more than 9,001,000 to be exact) of GameSpot at an average price of $ 8. He now owns about 10% of GameStop. In total he spent approximately $ 76 million acquiring his shares. He was given a seat on Gametop’s board of directors and mostly remained quiet for the next few months.
In November 2020 Ryan posted a public letter to GameSpot’s board of directors that destroyed the company’s performance. The company’s share price at that time was around $ 10. Five years ago, the share price was about $ 30.
[Disclaimer – I do not own any shares of GameStop and this article is not advising you to buy or sell shares in anything. It is purely informational/entertainment…]
Mania part 1
In mid-January things started getting a little… funky.
GameStop popped in at $ 20, then $ 40, then $ 70.
On January 26, the stock ended the day with some money down from $ 148.
For a brief shining moment on Wednesday 27 January, Gametop shares hit $ 483 per share. At that stage, Ryan’s 9 million shares were worth slightly below $ 4.4 billion.
Frenzy cools down
The frenzy began to calm down on 28 January.
January 28: GameTop ends the day at $ 193 per share. At that stage, Ryan’s share was worth $ 1.7 billion.
January 29: GameStop ends the day at $ 325. At that stage, Ryan had a stake $ 2.995 billion.
February 1: GameStop ends the day at $ 225. At that stage, Ryan had a stake $ 2.025 billion.
February 2: GameStop closed at $ 90 on Tuesday. Reducing Ryan’s stake $ 810 million.
February 11: GameStop closed at $ 51 per share. Ryan’s 9 million GameStop shares at that level were worth $ 460 million.
Mania part 2
On Tuesday 23 February, Gametop stock closed the day at $ 44.97 per share.
On Wednesday February 24 at 1:57 pm EST, Ryan posted a photo of a McDonald’s ice cream cone and frog emoji on Twitter. Seriously:
– Ryan Cohen (@ryancohen) 24 February, 2021
I had to dig for half an hour to find out. Here’s what I found –
In finance there is a term called “Moving Average Convergence Divergence”. Also known as its acronym “MACD”, some finance giants see it as a “trend-following momentum indicator that can cause a stock to be overbought or undersold”. Fundamentally, it is an indicator that it may be time to buy or sell a stock.
MACD. Like McDonald’s. Hence the ice cream cone in Cohen’s tweet.
What about bullfrog? According to a Twitter detective, apparently when a stock is about to pass through an oversold (aka buy time), the chart’s colors go from purple to green, so people call it “froggy go”.
Then, when Ryan sent his tweet at 1:57 PM EST GME, he was at $ 49. Two and a half hours later when the markets closed, GME was at $ 91.
GME opened at $ 151 on Thursday.
GME was at $ 101 at the end of the week.
Last week I made a chart with some notable moments:
Right now Ryan sent his ice cream cone tweet, valued at 9 million shares =
$ 441 million
When the market closed on Wednesday, two and a half hours later, Ryan’s stock price was =
$ 819 million
When the market opened on Thursday, the value of Ryan’s shares was =
$ 1.36 billion
9,001,000 shares of Ryan =, with GME closing at $ 101.74 at the end of Friday trading.
And that’s where we open the market on Monday.
Are we in the roller coaster for another doubles ends ??? we’ll keep you posted!