GameStop Corp. disclosed an unorthodox plan for its roughly $900 million in cash and equivalents: allow its billionaire chief executive to buy stocks of other companies.
Buried in the earnings filing, the new policy enables, Ryan Cohen — the video-game retailer’s largest shareholder who has a cult-like following among individual investors — to invest in equities instead of short-term loans. The pivot caught some Wall Street analysts off guard.
Wedbush’s Michael Pachter, one of GameStop’s most vocal skeptics, called it “one of the most inane moves we have ever seen” while Vital Knowledge’s Adam Crisafulli simply pointed ...
