An epic short squeeze rally, combined with pockets of investor euphoria found on popular trading forums like Reddit's WallStreetBets, helped propel shares of GameStop to an all-time high of $159.18 in Tuesday trades.
Cohen amassed a 9 million-share stake in GameStop last year at an average price of $8.43, worth $76 million at the time. At it's intra-day high today, that stake was worth as much as $1.4 billion, representing a return of more than 1,700%.
But Cohen seems to be playing the long-game on GameStop. Through his firm RC Ventures, Cohen had petitioned the board of GameStop to adopt a strategy that would transform the company into a specialized e-commerce retailer of gaming products.
Cohen utilized a similar strategy for his previous company, Chewy.com, which is a specialized e-commerce retailer of pet products. After being acquired by PetSmart for $3.5 billion, Chewy went public and is now trading at a valuation of more than $43 billion.
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