Thursday December 7, 2023

GameStop Raises Over $1B for E-Commerce Push

  • GameStop issued shares directly to the public market, leveraging its Reddit-fueled stock price to raise over $1 billion.
  • The company is in the midst of a pivot to e-commerce.
Design: Alex Brooks
Copy Link
Link Copied
Link Copied

GameStop has big plans, and it’s loading up on funds to make them happen.

The video game retail company raised $1.13 billion after selling an additional 5 million shares as it accelerates its online pivot. 

The company used an at-the-market offering, releasing the shares directly onto the public market instead of the standard play of offering them to institutional investors. 

  • That’s only fitting for GameStop, which owes much of its growth – 1,150% from the start of the year to market open on Tuesday – to Reddit’s wallstreetbets forum and other retail investors.
  • GameStop will use the funds to shore up its balance sheet and continue its quest to become the “Amazon of gaming.”

That charge is being led by new chairman Ryan Cohen, who sees the gaming industry growing to more than $200 billion per year in 2023.

The stock offering coincided with CEO Matt Furlong’s first day on the job and placement on the board on Monday. He is a former Amazon executive, as are the company’s chief operating, technology, and growth officers — all of whom have joined this year

GameStop’s massive growth in stock price has come at the expense of short sellers. London-based hedge fund White Square Capital is shutting down after taking losses from shorting GameStop.

Copy Link
Link Copied
Link Copied

What to Read

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Lane Kiffin

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

LSU Lady Tigers head coach Kim Mulkey reacts against the Iowa Hawkeyes during the NCAA Womens Basketball Final Four National Championship at American Airlines Center.

Who Is The Highest-Paid Women’s College Basketball Coach?

LSU rewarded Kim Mulkey after winning a national title after her second year leading the program.
The Pac-12’s Collapse Will Have Ripple Effects on College Basketball.
November 6, 2023

The Pac-12’s Collapse Will Have Ripple Effects on College Basketball

The existing Pac-12 host a college basketball season for the last time.
Favre Presley
November 3, 2023

Brett Favre Controversy Casts Shadow Over Mississippi Gubernatorial Race

Candidate Brandon Presley has made the scandal one of his talking points.
Josh Harris
November 1, 2023

Commanders Owner Josh Harris Begins Remodeling Product on the Field

The team added more draft picks ahead of what could be an offseason of change.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
The swoosh logo at Nike Eugene.

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
June 30, 2023

Nike To Revive Kobe Signature Shoe Line

Late HOFer will again be the center of a signature shoe line.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
At Dick's Sporting Goods in Fairless Hills, Store Administrative Assistant Christine Vandfermay, of Philadelphia, restocks some Philadelphia Eagles items.
May 23, 2023

Dick’s Sporting Goods Sees Modest Growth, Less Foot Traffic

Dick's Sporting Goods saw a 5.3% increase in net sales in Q1.
Hellen Obiri of Kenya crosses the finish line to win the women's division at the 2023 Boston Marathon.
May 16, 2023

On Wants More Star Power, Visibility for Next Growth Phase

On is looking to grow through tennis and other verticals.
May 11, 2023

Topgolf Callaway Lowers Sales Expectations

Callaway cut its profit forecast for this year.
May 10, 2023

Endeavor Posts Record Quarter Amid UFC-WWE Merger Plans

Endeavor bought WWE in April, it also sold its IMG for $1.25B.