CNBC host Jim Cramer has taken a dig at Ryan Cohen after the GameStop Corp. GME chairman raised his stake in the videogame retailer on Tuesday.
What Happened: Cramer took to Twitter, asking Cohen to take GameStop as well as Bed Bath & Beyond Inc. BBBY private and “create joy.”
memo to Ryan Cohen: just take BBBY and GME private already..Create joy!!!!— Jim Cramer (@jimcramer) March 22, 2022
In early March, Cohen acquired a 9.8% stake in Bed Bath & Beyond and urged the retailer to explore strategic alternatives that include separating the Buybuy Baby chain and a full sale of the company.
Cramer also responded to a tweet that said online pet supplies retailer Chewy Inc. CHWY — co-founded by Cohen — would not exist without family money and that Cohen was not “the miracle some hoped.”
here's a guy who wants to share the hate with me. Welcome aboard RW! https://t.co/L9P8vMjz9F— Jim Cramer (@jimcramer) March 23, 2022
Why It Matters: Cohen has been vocal about closing underperforming stores and moving the videogame retailer into more e-commerce growth initiatives.
GameStop — a darling of the Reddit investor forum r/WallStreetBets and one of the most heavily shorted stocks last year — continues to see high interest from retail investors.
Cramer has frequently clashed with the WSB community, which is best-known for the short squeezes conducted in stocks like GameStop and AMC Entertainment Holdings Inc. AMC last year.
In June last year, Cramer told the WSB forum to remain focused on AMC and GameStop, as “too much money” was being lost on other stonks — stocks that are favored by retail investors.
Price Action: GameStop shares closed 30.7% higher in Tuesday’s regular trading session at $123.14 and further rose 16.3% in the after-hours session to $143.20.
Photo: Courtesy of Bill Jerome via Flickr
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