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GameStop's Three Largest Shareholders Earn More Than $2bn In Weeks

GameStop's Three Largest Shareholders Earn More Than $2bn In Weeks

The company has seen its share price soar in recent weeks

Claire Reid

Claire Reid

The three largest shareholders of video game retailer GameStop have raked in more than $2 billion (£1,467,130,000).

GameStop saw its shares rise more than 1,700 percent in just four weeks, mainly driven by the subreddit r/WallStreetBets, and the unusual situation has rocked Wall Street and even the White House has said it's 'monitoring' the extraordinary surge.

With stock in the company rising to eye-watering levels, GameStop's biggest single shareholder Ryan Cohen now has stock worth more than $1.3 billon (£953,634,500).


CNBC reports that Cohen saw his net worth grow an average of almost $4 million (£2,934,260) per hour as the stock continued to rise.

Seventy-six-year-old Donald Foss, founder of the Credit Acceptance Corp, also has reason to celebrate.

He bought five percent of GameStop last year for $12 million (£8,802,780) - it's now worth more than $500m (£366,672,500).

While GameStop's chief executive George Sherman has seen his 3.4 percent stake fly up in value to around $350m (£256,670,750).

Meanwhile, in response to the situation, Discord has banned the WallStreetBets server from its platform, but stressed that it was banned for 'hateful and discriminatory content' and not 'financial fraud'.

In a statement, Discord said: "The server has been on our Trust & Safety team's radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation.

"Over the past few months, we have issued multiple warnings to the server admin.


"Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.

"To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors.

"We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate."

The r/WallStreetBets subreddit also briefly went private, returning with a post from the group's moderators in which they claimed 'Discord did us dirty'.

The post read: "We're suffering from success and our Discord was the first casualty. You know as well as I do that if you gather 250k people in one spot someone is going to say something that makes you look bad.

"That room was golden and the people that run it are awesome.


"We blocked all bad words with a bot, which should be enough, but apparently if someone can say a bad word with weird unicode icelandic characters and someone can screenshot it you don't get to hang out with your friends anymore.

"Discord did us dirty and I am not impressed with them destroying our community instead of stepping in with the wrench we may have needed to fix things, especially after we got over 1,000 server boosts. That is pretty unethical."

Featured Image Credit: PA

Topics: Interesting, US News