The GameStop Investor Who Made $3 Billion Almost Overnight
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A stock market tug-of-war is underway between small private investors organized on Reddit and wealthy hedge fund bosses on Wall Street.They're each pulling on different ends on the value of shares in video game retailer GameStop: private investors hoping it goes up; hedge funds hoping it goes down.The man who has arguably gained most from the tussle? Ryan Cohen—the largest share-owner in the company.The 35-year-old reportedly owns 9 million shares bought in 2020 at an average price of $8.43 for a total cost of $76 million at the time, according to Bloomberg data.At Wednesday's end of day $347.51, Cohen's shares were worth $3.1 billion. That's a 4,000 percent return on his investment.And it's not the first time he has made $3 billion, although last time he cashed out.Here Newsweek profiles the former boss of online pet food retailer Chewy, and takes a closer look at his investment with GameStopCohen had not replied when contacted by Newsweek ahead of publication.Who is Ryan Cohen?The so...