GameStop, an American chain of video games consoles, consumer electronics and merchandising in the gaming sector, is revolutionising the global financial system. Its shares rose 92.7% on Tuesday to reach $147.98.
Gerard Pique, Barcelona centre-back and businessman, has been closely following the fortunes of the company, announcing his surprise on his social networks according to Mundo Deportivo. “What a beast GameStop is on Wall Street,” he wrote. “We’re going crazy!”
The video game store chain has over 5,000 stores but seemed condemned to disappear as a result of global confinement due to Covid-19. Its shares bottomed out last March at $3.50, accumulating losses of $275m in the last year.
Against this background market ‘vultures’ began to buy short, expecting the share price to continue to fall. Instead, a young businessman named Ryan Cohen bought a good number of shares and put pressure on the company to turn the situation around and endeavour to become the Amazon of the video game industry. He became a member of the board two weeks ago.
Since early 2021, GameStop shares have risen 245%, its rapid rise explaining Pique’s surprise. The Catalan defender, now 33, has long held business interests off the pitch and is founder and president of Kosmos Holding, a sports and media investment group. Through it, he bought Segunda B side FC Andorra.