5min chapter

The Outsiders with Chris Bakke, Alex Cohen and Michael Girdley cover image

YOLO Capitalism: Billionaire Ryan Cohen - e15

The Outsiders with Chris Bakke, Alex Cohen and Michael Girdley

CHAPTER

Ryan Cohen's 9.6% Stake in GameStop

Ryan Cohen was the largest individual owner of Apple stock. He purchased $555 million worth of Apple stock, I believe in 2018. In November 2020, he sends a letter to GameStop's board of directors outlining his plan to transform the company into a leading commerce brand. And then just a couple months later is when the meme stock stuff started to happen. All these random stocks just started taking off and this was kind of the start of this weird phenomenon of like a Reddit, a subreddit can cause crazy price fluctuations.

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