Published , by TJ Denzer
Published , by TJ Denzer
Billionaire Ryan Cohen is a huge force behind the transformation of GameStop after the skyrocketing of GME stock value, but his efforts in investing and leadership apparently haven’t removed him from his roots or humility. Recently, the GameStop Chairman spoke a little bit to his rise through activist investing and how values taught to him by his father put him where he is today. He also shared brief thoughts of contempt about the current mood of Wall Street versus the individual investor.
The story on Cohen, GameStop, his father, and Wall Street was shared recently in the Wall Street Journal. The story details Cohen’s initial start in investing, his starting of the Chewy company, competition with giants like PetSmart, and, eventually, his investment and efforts in GameStop before, during, and after GME stock value skyrocketed. Throughout all of it, Cohen’s father, who passed away in 2019, was a huge guiding factor in Ryan’s beliefs and leadership. He even supported Ryan Cohen’s decision to skip college and focus on entrepreneurial investments.
“It doesn’t matter what I think; whatever decision you make is the right decision for you,” Cohen recalled his father telling him.
The support and guidance his father gave him reportedly gave Ryan Cohen a different outlook on individual investors from that of the established Wall Street, even after his move to Chairman of the Board at GameStop. Cohen claimed he would rather be alongside workers and people getting their hands dirty than the Wall Street investors or board directors who stay away from that.
“Like my dad, I much prefer to associate with productive members of society who actually do real work,” Cohen said. “When I think of Wall Street or board directors, they don’t do anything, and they make all kinds of money. When I see the establishment making hundreds of thousands of dollars in risk-free compensation, it hits a nerve.”
Cohen went on to share that he’s not fond of Wall Street’s dismissive views of individual investors either.
“I admire the individual investors, and institutional Wall Street mocks them,” Cohen added. “Frankly, it makes me sick.
Even while GME remains far from the astronomical highs it reached in 2020, it still sits well above where it was before the short squeeze. Meanwhile, Cohen has launched a series of children's books dedicated to his late father. Stay tuned as we continue to monitor GME and GameStop business news.