Two Weeks Ago Ryan Cohen’s 9 Million GameStop Shares Were Worth $4+ Billion. He Probably Should Have Sold…

For a detailed refresher for those who missed our coverage of GameStop, please see this article. As a brief recap, GameStop’s stock rose suddenly two weeks ago as retail investors ganged up to punish a group of short-selling hedge funds. One of the biggest beneficiaries of GameStop’s soaring stock price was an investor named Ryan Cohen. Ryan earned a fortune as the founder of the online pet supply company In 2017, Chewy was acquired by PetSmart for $ 3.35 billion. PetSmart made Chewy public in 2019. Today, Chewy has a market cap of $ 43 billion.

After the transaction, Ryan was left with several hundred million dollars.

In June 2020 Ryan made headlines when he announced that he had held his entire fortune and invested in just two stocks: Apple and Vel Fargo. Today its Apple stake alone is more than $ 500 million.

Ryan may have been a bit or exaggerated about investing in only two stocks. We now know that he has bought stock in at least one other company. That company? GameStop.

Ryan Cohen bought 9 million shares of Gametop sometime in mid-2020. He paid an average price per share of $ 8. Their total outlay was $ 76 million, with fees and fluctuations.

Between August 2020, when he filed an SEC form to officially reveal his 10% stake in the company in December, GameStop’s share price did not exceed $ 10 per share. In mid-January things began to ease a bit.

GameStop popped in at $ 20, then $ 40, then $ 70.

On January 26, the stock was down some money to $ 148 at the end of the day.

For a brief shining moment two weeks ago on Wednesday January 27, Gametop shares hit $ 483 per share. At that stage, Ryan’s 9 million shares were valued at $ 4.337 billion. The stock was at $ 347 at the end of the day on Wednesday, so Ryan went to bed that night on a $ 3.123 billion paper fortune. He should probably dump the entire steak he woke up on Thursday … or at least close some of the shares!

On Thursday, January 28, GameStop closed the day at $ 193 per share. At that stage, Ryan’s stake was $ 1.7 billion.

On Friday January 29, GameStop ended the day at $ 325. At that stage, Ryan’s stake was $ 2.995 billion.

On Monday, February 1, GameStop ended the day at $ 225. At that stage, Ryan’s stake was $ 2.025 billion.

The actual bloodbath began on Tuesday 2 February.

GameStop closed at $ 90 on Tuesday. Ryan’s stake reduced to $ 810 million.

GameStop hovered in the $ 90s for a few days, then dropped to $ 50, where it has been all the time.

At today’s closing price of $ 51 per share, Ryan Cohen’s 9 million GameStop shares are valued at $ 459 million.

Obviously this is still a huge amount of money and an incredible return on the initial investment of $ 76 million, but it still has to be a little painful.

There are no indications yet in SEC filings that Ryan sold a significant amount of shares during the firm’s crazy ride. And, to be fair, it had also thrown its entire stake – 10% of the total available shares – for a few days during that bubble, with the possibility that the market would have been flooded and sent the shares into tumbling. Will go.

Still, not many people in history can say “Hey remember two weeks ago when I was about $ 4 billion?

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