Is Carl Icahn About to Buy GameStop Stock?

InvestorPlace2022-10-19

Ryan Cohen posted a picture with Carl Icahn, leading to speculation that the corporate raider could take a stake in GameStop.Neither individual has confirmed that Icahn would take a stake in the ...

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Comments

NicholasTan
2022-10-19
NicholasTan
Seem like people forget what Ryan Cohen did to bbby. People still trust him?
- jayjong:
  wtf, u dumb or what, he just buy and sell shares. he didn't even ask anyone to buy bbby
DarkFate
2022-10-19
DarkFate
Like
- Max77777:
  👍
MIe
2022-10-19
MIe
GameStop meme upside #

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GME stock is up 3.5% so far today in the wake of Cohen’s post.Cohen rose to the spotlight after selling Chewy to PetSmart for $3.55 billion in 2017. He entered into meme stock territory in August 2020 after purchasing 5.8 million shares of GME stock, equivalent to 9% of shares outstanding.In January 2021, he was appointed Chairman of the video game retailer. As of March 22, he owns a total of 36.4 million shares of GameStop through his investment firm, RC Ventures, making him the largest shareholder.Meanwhile, Icahn has been in the public scope for much longer. He founded his first fund, Icahn & Co., in 1968 and later founded Icahn Partners in 2004. Throughout his career, he has taken significant stakes in companies like Netflix (NASDAQ:NFLX), Blockbuster and Lyft (NASDAQ:LYFT), which led to his reputation as the corporate raider.Icahn stopped managing money for outside investors in 2011 and runs a private hedge fund. However, investors can invest in his company, Icahn Enterprises (NASDAQ:IEP), which has an annual dividend yield of 15%.GME Stock: Picture of Ryan Cohen and Carl Icahn Stirs SpeculationSpeculation is just speculation until it is confirmed, and neither party has issued word on Icahn taking a stake in GME stock. However, retail participants have taken it upon themselves to imagine the possibilities that could arise. One Reddit user posted three scenarios that could potentially occur:Icahn takes a stake in GME.Cohen and Icahn will spin off Bed Bath & Beyond’s (NASDAQ:BBBY) Buybuy Baby brand. In August, Cohen sold off his entire BBBY stake of about 9.4% million shares, representing an 11.8% stake.Cohen will merge GameStop with Baby with Icahn subsequently taking a substantial stake.Icahn has dealt with retail businesses in the past and boasts a net worth of $18.3 billion, which sits at number 36 on the Forbes 400 list. 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