Topline
An unusual resurgence in top meme stock GameStop has made Ryan Cohen, the activist investor promising a turnaround for the struggling video games retailer, a billionaire once again just two days after a shakeup in the firm’s executive ranks.
Ryan Cohen, the cofounder and former CEO of pet food and supplies seller Chewy.com.
Jamel Toppin/The Forbes Collection
Key Facts
With shares of GameStop skyrocketing 170% over the last 24 hours, the fortune of new board member Cohen has nearly doubled to about $1.5 billion as of 12:45 p.m. ET, Forbes estimates.
Cohen’s renewed billionaire status comes exactly three weeks after he fell out of the ranks on February 4 as GameStop shares–crippled by dwindling short interest that helped fuel their surge–plunged 85% from a record close January 27 (that’s still more than twice as much as current prices).
Analysts are puzzled over why shares are minting such a crazy…