GameStop Corp. (GME) Exposes Infinite Money Glitch, CEO Ryan Cohen Buys 1 Million Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 7h ago
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Source: Yahoo Finance
- Infinite Money Glitch: YouTuber RJCmedia exposed a loophole at GameStop stores where customers could buy a Nintendo Switch 2 for $414.99 and trade it back for $472.50, netting about $57 profit per cycle, highlighting a significant system flaw and potential customer attraction.
- Company Response: GameStop quickly confirmed the glitch and stated it has been patched, noting that “our system briefly valued the pre-owned trade more than the new retail cost,” which, while drawing attention, also reminds customers that stores are not designed as “infinite money printers.”
- CEO's Major Purchase: GameStop CEO Ryan Cohen purchased 1 million shares of GME this week at an average price of $21.40, totaling a $21 million investment, increasing his stake to approximately 9.3%, which electrified investor sentiment and pushed the stock up 10%.
- Social Media Buzz: Coinciding with the one-year anniversary of “Roaring Kitty” Keith Gill's last social media post, the combination of the trade-in glitch and Cohen's buying has made GameStop a hot topic again, reinforcing its status as the king of meme stocks.
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About GME
GameStop Corp. offers games and entertainment products through its stores and ecommerce platforms. The Company operates in four geographic segments: United States, Canada, Australia and Europe. Each segment consists primarily of retail operations, with the significant majority focused on games, entertainment products and technology. The Company has a total of approximately 3,203 stores across all of its segments: 2,325 in the United States, 193 in Canada, 374 in Australia, and 311 in Europe. Its stores and ecommerce sites operate primarily under the names GameStop, EB Games and Micromania. Its Australia and Europe segments also include 38 pop culture-themed stores selling collectibles, apparel, gadgets, electronics, toys and other retail products for technology enthusiasts and general consumers in international markets operating under the Zing Pop Culture brand. Its retail stores are generally located in strip centers, shopping malls and pedestrian areas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
