{"id":23693,"date":"2023-06-16T20:33:44","date_gmt":"2023-06-17T00:33:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ryan-cohen-attacks-corporate-america-and-social-media-reacts-some-of-the-realest-truth-in-business-today\/"},"modified":"2023-06-16T20:33:45","modified_gmt":"2023-06-17T00:33:45","slug":"ryan-cohen-attacks-corporate-america-and-social-media-reacts-some-of-the-realest-truth-in-business-today","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23693","title":{"rendered":"Ryan Cohen attacks corporate America, and social media reacts: \u2018Some of the realest truth in business today\u2019"},"content":{"rendered":"
\n
<\/p>\n
\n

\n \u201c<\/span>\u2018In corporate America, the people in charge, the professional directors and management teams, are not aligned with shareholders\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Ryan Cohen, GameStop executive chairman<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

That was GameStop Corp.\u2019s Executive Chairman Ryan Cohen, who launched a blistering attack on corporate America during the annual meeting for the video-game retailer and sometime-meme-stock darling Thursday.<\/p>\n

The activist investor stepped into the spotlight at the GameStop
\n GME,
\n -1.13%<\/bg-quote>
\n meeting, just a week after the company announced\u00a0the firing of Chief Executive Matthew Furlong and Cohen\u2019s election as executive chairman.\u00a0<\/p>\n

\n

\u201cMy responsibility is making sure\u00a0GameStop\u00a0is run by managers who treat company money like their own,\u201d Cohen said. \u201cIn corporate America, the people in charge, the professional directors and management teams, are not aligned with shareholders.\u201d<\/p>\n

Cohen, the co-founder and former CEO of Chewy Inc.,\u00a0
\n CHWY,
\n -2.17%<\/bg-quote>
\n made his first investment in GameStop in August 2020 via his investment firm RC Ventures. News of Cohen\u2019s 9% stake in the gaming retailer sent its\u00a0stock surging. The activist investor quickly began pushing for an overhaul of GameStop, with a focus on digital sales, and he\u00a0joined\u00a0the company\u2019s board in January 2021. He consolidated his power at GameStop when he became the company\u2019s chairman in June 2021.<\/p>\n

Related<\/strong>: GameStop snapback continues after Ryan Cohen\u2019s election as executive chairman, CEO firing <\/p>\n

The activist investor\u2019s stinging rebuke of corporate America generated plenty of reactions on social media.<\/p>\n

\u201cSome of the realest truth in business today. No wonder all these lazy \u2018business gurus\u2019, overpriced executives and overpaid consultants hate @ryancohen,\u201d tweeted @fuhQue_ken.<\/p>\n

\u201cWe\u2019re making Gamestop Great Again,\u201d tweeted @ThiccumsGME, listing changes made at the company when Cohen became chairman.<\/p>\n

Related<\/strong>:\u00a0GameStop stock surges after Chewy co-founder takes 9% stake<\/p>\n

\u201cGreat speech Ryan. I\u2019ll invest and stay invested in any company that shares that sentiment,\u201d tweeted @zipperskull5.<\/p>\n

\u201cRegardless of your views on @Gamestop, this is a refreshing speech by chairman @ryancohen,\u201d tweeted @foundinghero.<\/p>\n

Other Twitter users, however, were less than impressed with Cohen\u2019s comments.<\/p>\n

\u201cRyan Cohen, who got in and out of $BBBY in less than 8 months and made $60 million, is now lecturing \u201ccorporate America\u201d on its lack of long-term commitment to the companies they own,\u201d tweeted former bond salesman Martin Baccardax, who is now senior editor and markets correspondent at TheStreet.<\/p>\n

Last year Cohen cashed out his entire stake in retailer Bed Bath & Beyond Inc.
\n BBBYQ,
\n +16.87%<\/bg-quote>
\n with more than $58 million profit.<\/p>\n

Related<\/strong>: Ryan Cohen cashed out of Bed Bath & Beyond stock with more than $58 million profit; shares plunge again<\/p>\n

GameStop\u2019s stock rose 0.2% Friday, compared with the S&P 500 index\u2019s
\n SPX,
\n -0.37%<\/bg-quote>
\n gain of 0.3%.<\/p>\n

Additional reporting by Jeremy C. Owens. <\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u2018In corporate America, the people in charge, the professional directors and management teams, are not aligned with shareholders\u2019\u201d \u2014 Ryan Cohen, GameStop executive chairman That was GameStop Corp.\u2019s Executive Chairman Ryan Cohen, who launched a blistering attack on corporate America during the annual meeting for the video-game retailer and sometime-meme-stock darling Thursday. The activist investor […]<\/p>\n","protected":false},"author":1,"featured_media":23694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-23693","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRyan Cohen attacks corporate America, and social media reacts: \u2018Some of the realest truth in business today\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u201c\u2018In corporate America, the people in charge, the professional directors and management teams, are not aligned with shareholders\u2019\u201d \u2014 Ryan Cohen, GameStop\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=23693\" \/>\n<meta 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