GameStop CEO Ryan Cohen bought about US$22.8 million in shares of the video game retailer this month, lifting his ownership stake to 9.1%, according to a regulatory filing on October 13.

It was his second share purchase this month, after another US$17.1 million purchase disclosed in a filing with the US Securities and Exchange Commission on October 2.

Cohen’s stake remains below the SEC threshold for investors who own more than 10% of a registered equity class, which can trigger Section 16 reporting requirements and potential liability for short-swing trading profits. He is already subject to Section 16 as GameStop’s CEO.

Earlier this year, GameStop sought to buy eBay for about US$56 billion, but eBay rejected the offer as “neither credible nor attractive.” GameStop’s shares have risen 35.6% this year.

🔗 Source: Reuters

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