GameStop CEO Ryan Cohen posts on X for first time in months as retailer seeks app developers

By James Rogers

The GameStop CEO's posts on X are closely followed for hints about his plans for the company

GameStop Corp. Chief Executive Ryan Cohen made his first post on X in months Monday, again using the social-media platform advertise job openings at the videogame retailer.

"Looking for strong mobile app developers in Dallas," he wrote on X. "Must be hands on, intense work ethic and previous experience building world class mobile apps on iOS and android. No college degree necessary."

GameStop's stock (GME) ended Monday's session down 5.5%.

Related: If you have these skills, GameStop's Ryan Cohen wants to hear from you

Earlier this year, Cohen used X to publicize job openings at GameStop, reaching out to people with retail and supply-chain expertise as well as software engineers.

The GameStop CEO's posts on X are closely followed for hints about his plans for the company.

Cohen was named GameStop CEO in September 2023, marking the latest chapter in his attempt to breathe new life into the company. In December, GameStop's board of directors approved a new investment policy, permitting the company to invest in equity securities, among other investments. The board gave Cohen the authority to manage the investment portfolio.

Related: GameStop investors ask about company path, capital raising at rescheduled annual shareholder meeting

GameStop announced layoffs earlier this year as the company looked for a profitability boost.

Last month, Cohen said during the videogame retailer's rescheduled investor meeting that he was focused on creating a "smaller network of stores."

GameStop, which like AMC Entertainment Holdings Inc. (AMC) was a major beneficiary of the 2021 meme-stock frenzy, has been in the spotlight again following the return of influential trader Keith Gill, also known as Roaring Kitty, to social media.

Related: GameStop says it raised $2.14 billion in share sale. Roaring Kitty memes continue.

Gill's return sent shares of GameStop soaring. The stock surged again after a June 2 Reddit post from an account associated with Gill appeared to show him holding a big stake in the videogame retailer.

The trader, who played a pivotal role in the 2021 meme-stock frenzy, discussed his GameStop position in a closely followed YouTube livestream on June 7. Gill highlighted an "overemphasis" on GameStop's legacy business. "They are in the transformation stage," he said before talking about Cohen. "I believe this guy - he might be able to do it."

On June 13, Gill, who also posts on social media under the moniker DeepF-kingValue, revealed he has grown his GameStop stake in an update shared to his Reddit account. Gill also sold some or all of his call options with a June 21 expiration date, according to the update.

Related: Chewy's stock skyrockets as Roaring Kitty's 6.6% stake is disclosed

GameStop shares are up 33.1% in 2024, outpacing the S&P 500 index's SPX gain of 14.8%.

Last month GameStop said it raised around $2.14 billion in a share sale, with the company saying it may use the proceeds for mergers and acquisitions.

-James Rogers

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07-01-24 1821ET

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