GameStop shares fall after CEO is fired

GameStop shares are plunging in morning trading, following Wednesday’s news that it fired its CEO and elevated Ryan Cohen to executive chairman.

Shares are down 18% at $21.49, putting the stock on track for its biggest daily drop since 2021, when GameStop became a meme stock. That year, GameStop shares regularly fluctuated sharply. Lately, the stock’s daily movements have been much more muted.

GameStop’s firing of Matt Furlong as CEO comes about two years after he was hired as part of a push for the video game retailer to move more quickly into e-commerce. Furlong came from Amazon, while Cohen co-founded Chewy, the online pet retailer. Cohen was elected chairman of GameStop in 2021[ads1] after building up an activist stake in the company.

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