GameStop CEO Ryan Cohen Targets $100 Billion Valuation With ‘Big’ Acquisition Plan: ‘Genius Or…Totally Foolish’

GameStop Corp. (NYSE:GME) CEO Ryan Cohen unveiled his ambitious plan to transform the company into a $100 billion-plus giant.

The CEO, in an interview with The Wall Street Journal on Thursday, stated that he plans to transform GameStop from an $11 billion company into a $100 billion-plus business that goes far beyond selling video games and collectibles.

To achieve the same, he is considering a significant acquisition of a publicly traded company, potentially in the consumer or retail sector, where he has extensive experience.

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The billionaire declined to disclose the potential acquisition targets but indicated that they would be “big.” He acknowledged the high stakes of the move, saying that it would ultimately either prove to be “genius or totally, totally foolish.”

GameStop’s stock has been on a rollercoaster ride, with a recent surge following the disclosure of a fresh stake by renowned investor Michael Burry.

Burry, famous for his prescient bet against the U.S. housing market in 2008, drew parallels between Cohen and legendary investor Warren Buffett, suggesting that GameStop should follow the Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) playbook and use its massive cash reserve to make consequential acquisitions.

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Burry in his Substack newsletter stated that he believes the stock could rise if Cohen uses $10 billion or more to acquire a strong business, such as an insurer with significant investable customer premiums.

Cohen told The Wall Street Journal that he hasn’t spoken to Burry since at least 2019 but described him as a respected investor known for making early, accurate calls.

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