As major changes at recent short-squeeze target GameStop (NYSE: GME) continue, its current CEO George Sherman is forefeiting over half-a-million shares originally given to him as an incentive. The 587,000 shares GameStop has decided to "repossess" are worth approximately $98 million at yesterday's market-closing price of roughly $167, Business Insider says. The company's executive shakeup began when small Reddit investors from r/WallStreetBets carried out a short squeeze on GameStop earlier this year.
Investor David Einhorn said on Thursday that prominent venture capitalist Chamath Palihapitiya and entrepreneur Elon Musk threw "jet fuel" on the GameStop Corp trading frenzy in January when the video retailer's shares rose by 2,000% and later prompted a hearing in U.S. Congress. Einhorn, who runs hedge fund Greenlight Capital, also said U.S. lawmakers seeking answers to how day traders were able to wrest control of GameStop's share price from established hedge funds should probe regulators instead of investors.
The sellers were apostates, even at those exalted levels. For that I was branded a fool, a knave and a mountebank, because I didn't see Ryan's vision, not that it was available, and I have been on the wrong side of "yolo" ever since. When I wanted the company to sell stock to fix its balance sheet, I took it on the chin from all sides with a Twitter mentions column that was filled with invective and ad hominem attacks.