Why GameStop Shares Are Falling Today
Shares of GameStop (NYSE: GME) are falling 5.6% at 11:40 a.m. ET on Thursday on no news specific to the video game company, but its Chairman Ryan Cohen filed to sell his entire stake in fellow meme stock Bed Bath & Beyond (NASDAQ: BBBY), which caused that stock to crater nearly 30%.
Cohen's RC Ventures had taken a near-12% position in the home goods retailer back in March, and a Monday filing indicated that there were also 1.6 million out-of-the-money stock options included with strike prices ranging from $60 per share to $80 per share.
While Bed Bath & Beyond's stock surged on Cohen's initial investment, which saw him also earn three seats on the company's board of directors, the stock had been sliding over the summer as the market's more risky ventures sold off.
Source Fool.com
