Gamestop fires CEO Matt Furlong. Stock down 18% after hours
(finance.yahoo.com)
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GME has turned through some personnel (e.g. in the wallet team) but it seems to be more of a philosophy of "the employee has done their job, time to move on". They are not the middling "lifers" that you see at places like HP or IBM.
Maybe Furlong was brought on for his operational expertise. Get the existing business flowing smoothly and efficiently. Eliminate waste. Increase reliability. Etc.
Now Cohen can guide the company through the next phase. I expect him to move on from it eventually just like he did with Chewy.
If that was his job, then he fucked up BADLY.
Maybe all these in-and-out people are just saying to themselves, "Holy shit! This place is a mess! I'm out."
NFT's were a disaster.
Moving to brick and mortar has been a disaster.
The whole thing is a big mess, but liars on Reddit will pump and dump into anyone who is dumb enough to believe their bullshit stories.
They have been losing money for ... how many years now?
A lot.
They have enough cash to carry on, so they won't go bankrupt like BBBY did, but when will they start to ... oh, I dunno ... make a PROFIT?
That's kinda the point of business, after all ... unless they are into ESG shit, and I don't know if they are or not.
But with a leader like Ryan (((Cohen))) ... I would not bet against it.
I don't see it on their website now, but ...
Vanguard, Blackrock, and State Street are the 3 largest investors, so ... stay tuned for ESG.