alt Hacker NewsThe context this comment misses is Gamestop's secret weapon is their CEO Ryan Cohen who has been sitting around the hoop trying to figure out how to leverage Gamestop's fundraising capabilities to do something big
Couple of highlights on Ryan
- Built and sold Chewy from a startup to the largest ecomm acq of all time - Became #1 individual shareholder of Apple early on - Bought a 10% share of Gamespot in 2020 becoming largest personal shareholder - Took over as CEO after being a proactive board member, works for no salary
Replies
Wasn’t there something where his comp package mandated 50b in market cap?
Ahh. 100b https://investor.gamestop.com/news-releases/news-details/202...
> works for no salary
Working for no salary is almost never charitable and is almost always just part of a larger tax avoidance scheme.
I wish we would normalize people just running a business well and taking a damned salary.
You should also mention that Cohen never managed to turn Chewy into a profitable business before selling it off.
Similarly, his strategic initiatives at Gamestop have all been failure (e-commerce push, NFTs, digital games platform, crypto investments, ...). The only thing that has worked is aggressively cutting costs, mainly by shutting down stores, which was a plan that had already been proposed by BCG before Cohen came onboard.
Basically, he has done nothing except for taking credit for a plan that was already in motion and repeatedly diluting shareholders to raise funds that have been sitting in T-Bills ever since. There is no indication whatsoever that this guy is some kind of business genius who would be able to run Ebay better than the current management - quite the opposite actually.