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.

Let’s talk work benefits: How does a Peloton membership sound?

The fitness company announced Tuesday that it is rolling out a new corporate wellness program for businesses. The membership program will provide “employees access to innovative mental and physical resources,” including the Peloton app and discounts on Peloton hardware.

Samsung and Wayfair are among the first companies to sign up for the program, gaining access to tailored features like group exercises.

On Tuesday, the company also announced it would suspend its “Just Run” service to its Tread+ customers unless users signed up for the $39.99 Peloton membership. Complaints surfaced, as the Tread+ retails for more than $4,000. The same day, Peloton unveiled plans for an armband heart-rate monitor.

Peloton has 900,000 current app subscribers. The wellness program is one way the company plans to reach new consumers as it bounces back from a string of misfires.

• Orders were delayed for months, though Peloton announced plans to build a $400 million U.S. factory, invested more than $100 million in air and ocean freight, and acquired fitness equipment provider Precor for $420 million.
• The company was sued by Dish for using its patented technology.
• Peloton recalled its Tread and Tread+ treadmills over safety concerns after multiple injuries were reported, including the death of a 6-year-old.

Despite the setbacks, Peloton’s sales rose 141% in Q3, bringing revenue to $1.26 billion.

Shareholders of Activision Blizzard approved CEO Bobby Kotick’s $155 million pay plan — but not without a contentious vote and controversial delay. 

The vote was scheduled for June 14 but delayed so investors could thoroughly review changes made to Kotick’s compensation. 

Kotick pocketed $154.6 million last year, with most of the compensation from stock awards, despite his base salary being cut in half to $875,000 following criticism of being overpaid. 

• Kotick’s total pay is reportedly 1,560 times that of Activision’s median employee, up from a ratio of 319:1 in 2019.
• Stock awards were based on years of performance due to grants issued as part of his 2016 contract.

In the end, 54% of Activision’s shareholders approved the new pay plan, and during the voting process, the company’s board members were re-elected by an average of 96%. 

The approved pay package is the latest twist an up-and-down year for Activision. The company laid off around 190 employees following the news of Kotick potentially receiving $200 million in bonuses due to incentives, according to activist investor group CtW.

“Activision will be expected to make even further changes in response to a vote where 46% of shareholders expressed discontent,” Michael Varner, CtW director of executive compensation research, told Reuters.

The company’s net revenue in Q1 2021 grew 27% year-over-year on the strength of flagship gaming titles like “Call of Duty” — which saw in-game purchases grow by 60%. Monthly active users across the franchise grew 40% year-over-year, reaching 150 million in the quarter.