Barcelona centre-back Gerard Pique exclaims surprise at GameStop’s rapid Wall Street rise

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 PiqueBarcelona 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.

Tags Barcelona Gerard Pique La Liga