GameStop CEO Buys $26.4M in Stock, Shares Jump

GameStop CEO Ryan Cohen bought over 1.1 million shares for $26.4 million, pushing his ownership above 40 million shares. The stock rose 3% after the news.

Ever wonder what it means when a CEO bets big on their own company? GameStop's Ryan Cohen just did exactly that—and the market noticed.

Cohen scooped up more than 1.1 million shares of GameStop stock, dropping over $26.4 million in the process, according to an SEC filing. He bought at around $23 per share. That brings his total ownership to over 40 million shares, which is about 9% of the company. Not exactly pocket change, right?

The news became public in a regulatory filing on September 21, and GameStop's shares shot up more than 3% in response. It wasn't Cohen's only recent move, either—he'd already bought 1 million shares earlier in September when the price was lower. Some of GameStop's directors also picked up shares this month. The filings don't say why, but when a CEO loads up on their own stock, it's often read as a bullish signal about where they think the company is headed.

And Cohen isn't the only exec doing this. Anthony Noto, CEO of SoFi, has bought back his own company's stock three times this year as the price fell. When companies or insiders buy shares, it can give the stock an immediate boost since fewer shares are available on the open market.

Meanwhile, GameStop has been making headlines for other reasons. Cohen pitched an ambitious bid to buy eBay, but Bloomberg reported he's now weighing his options—including pulling the $56 billion offer entirely or partnering with the company instead. Fun fact: Cohen came up with the eBay idea while on the toilet. He's also talked about reselling digital game items, though he hasn't explained how that would work.

Here's the twist: GameStop's business is actually booming today, but not because of video games. The company now earns most of its revenue from collectibles—something you'd notice walking into any store. That pivot, along with layoffs and store closures, has helped turn things around. And recently, GameStop announced it's reopening some stores.

So what do you think? Is Cohen's big buy a sign of confidence, or just another headline? Will you be watching GameStop's next move?