Posted on Jan 30, 2021
Gamestop CEO is now worth $1bn but is staying quiet amid the trading frenzy
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The chief executive of GameStop, the ailing video games retailer caught up in a bizarre trading battle between mighty Wall Street hedge funds and self-organised Reddit users, has reportedly seen his personal worth climb to almost $1bn as a result of this week’s short squeeze frenzy.
George Sherman has largely remained silent on his company’s soaring stock price but its uptick in fortunes means his own 3.4 per cent stake of amounting to 2.36 million shares is now worth an estimated $800m (£583m), according to CNN.
His shares were worth $7m (£5.1m) a year ago but their value had climbed to approximately 127 times that as of Friday as stocks in the company hit $379 (£276) in pre-market trading.
George Sherman has largely remained silent on his company’s soaring stock price but its uptick in fortunes means his own 3.4 per cent stake of amounting to 2.36 million shares is now worth an estimated $800m (£583m), according to CNN.
His shares were worth $7m (£5.1m) a year ago but their value had climbed to approximately 127 times that as of Friday as stocks in the company hit $379 (£276) in pre-market trading.
Gamestop CEO is now worth $1bn but is staying quiet amid the trading frenzy
Posted from independent.co.uk
Stock Market
Stock Trading
Posted 4 y ago
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He is silent because this has nothing to do with Gamestop. His company was merely the tool. Gamestop is doomed, the business model is obsolete and cannot adapt to the Digital market. That is why Hedgefunds would target it to short.
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