Published , by Asif Khan
Published , by Asif Khan
GameStop Executive Chairman and the company's largest shareholder Ryan Cohen tweeted a real gem of a video game hot take in reply to an article tweet about the upcoming iPhone USB-C port this evening. "Disk drives should be required on consoles," says the guy who runs GameStop. Here's the X post embed.
In case Elon broke tweet embeds here's a transcription of what Ryan Cohen tweeted:
Big win for consumers. Consumers have also invested their hard earned money in to physical video games. Disk drives should be required on consoles.
This is certainly an odd thing to tweet just a few days before GameStop reports Q2 2023 earnings results. GME shares are down 0.54% year-to-date, after a 16.44% decline in August 2023. Cohen's RC Ventures increased its stake in GameStop to 12.1% in June 2023.
He made the purchase of GameStop (GME) shares at $22.55/share, but the stock was unable to hold onto the excitement from the news of insider purchase. There hasn't been much good news lately, with CFO Diana Saddeh-Jaheh resigning and the announcement of GameStop Wallet's shuttering.
Keep it locked on Shacknews for our GameStop (GME) Q2 2023 earnings results coverage on the afternoon of September 6. GameStop has not indicated if there will be an earnings results conference call, but I am sure shareholders would like to hear from the Executive Chairman for more thoughts on other mandates for consoles. Maybe he can get all of the controller makers to decide where the A Button should go next.
What do you think of Cohen's disk drive mandate for consoles? Would Nintendo Switch cartridges count? Let us know in the Shacknews Chatty comment thread.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares (partially hedged with in-the-money put options)