GameStop CEO Cohen buys shares worth nearly $23 million

GameStop's CEO Ryan Cohen has purchased approximately $22.8 million worth of the company's shares, according to a regulatory filing released on Tuesday. This acquisition brings Cohen's total ownership of GameStop shares to 9.1%, with the recent purchase increasing his stake to 46.2 million shares. The transaction took place between $26.75 and $27 per share.

This marks the second time Cohen has bought GameStop stock this month, following a $17.1 million purchase on October 2, as per an SEC filing. Industry experts generally interpret insider acquisitions as an indication of confidence in a company's future prospects and a belief that its shares are undervalued. Earlier this year, GameStop pursued a bid for eBay, which was four times the market value of the company, but the offer was rejected by eBay as neither credible nor attractive.

In August, Bloomberg reported that Cohen was contemplating a shift from his pursuit of eBay to potentially forming a partnership or joint venture with the ecommerce giant. GameStop's stock has risen by 35.6% thus far in 2021.