GameStop fires CEO and names Ryan Cohen executive chairman

Unless you've been living under a rock, you've probably been hearing a lot about the stock market and specifically Gamestop stock recently, where common predators at our Wall Street bets like you or me, bought into Gamestop as hedge fund billionaires were shorting it, thus driving up the price, enforcing those billionaires to lose, well, billions. It's called a short squeeze. And it causes stock shorter's or those who borrow stock and sell it, betting that the company's value will depreciate and buyback the stock at a lower price to go into massive debt, trying to buy back the stocks and caused them to soar simultaneously, rising to the tune of 2000% in game stops. Case in just a couple of weeks, Wall Street alums have been doing it for years, but now the common man is getting into the game. But experts tell HUFFPOST this is a dangerous game for the Main Street investor. It's more like betting than investing, says Brittney Castro, a certified financial planner for the personal finance company meant explaining quote history shows the timing. The market is extremely difficult to dio. It's a high risk for potential high return, but you can think of it like gambling in the sense that most of the time you'll probably lose. And according to Huffpost, only 1% of people who try to time the markets successfully do so. So in short, no pun intended be warned. There's a reason you don't hear about this sort of thing happening every day.

GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. The company did not provide a reason for Furlong's termination, nor did it respond to CNN's request for further information. However, according to a company filing with the Securities and Exchange Commission, Furlong will be entitled to receive payments and benefits associated with a termination without cause. Furlong had been GameStop's CEO since 2021.The company also released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, down from $1.38 billion during the same period last year. GameStop also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop reported its first quarterly profit in two years. GameStop canceled its regularly scheduled quarterly conference call to discuss the company's earnings. Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company's financial results and C-suite shakeup. Chewy co-founder Ryan Cohen joined GameStop's board in 2021 after acquiring a nearly 13% stake in the gaming company. GameStop became a poster child for that year's "meme stock rally," fueled in part by investors' hopes that Cohen's e-commerce experience could help revamp GameStop's financials. GameStop, along with Bed Bath & Beyond, AMC Entertainment, and other stocks, experienced intense volatility as they gained popularity among retail investors on social media, particularly Reddit's WallStreetBets forum, in early 2021. During this period, GameStop's stock surged to an all-time intraday high of $483, before falling. The stock closed around $26 on Wednesday.

GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday.

The company did not provide a reason for Furlong's termination, nor did it respond to CNN's request for further information. However, according to a company filing with the Securities and Exchange Commission, Furlong will be entitled to receive payments and benefits associated with a termination without cause. Furlong had been GameStop's CEO since 2021.

The company also released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, down from $1.38 billion during the same period last year.

GameStop also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop reported its first quarterly profit in two years.

GameStop canceled its regularly scheduled quarterly conference call to discuss the company's earnings.

Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company's financial results and C-suite shakeup.

Chewy co-founder Ryan Cohen joined GameStop's board in 2021 after acquiring a nearly 13% stake in the gaming company. GameStop became a poster child for that year's "meme stock rally," fueled in part by investors' hopes that Cohen's e-commerce experience could help revamp GameStop's financials.

GameStop, along with Bed Bath & Beyond, AMC Entertainment, and other stocks, experienced intense volatility as they gained popularity among retail investors on social media, particularly Reddit's WallStreetBets forum, in early 2021.

During this period, GameStop's stock surged to an all-time intraday high of $483, before falling. The stock closed around $26 on Wednesday.

GameStop fires CEO and names Ryan Cohen executive chairman

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