GameStop’s boom brought its three biggest shareholders billions overnight

Call them the Reddit Rich.

GameStop’s boom in parabolic stocks over the past two weeks, driven in part by the Reddit Wallstreetbets crowd, has created more than $ 2 billion in personal wealth for the three largest individual shareholders. Although it will not last long, the enormous shareholder profits that emerge in such a short time give the idea of ​​immediate prosperity in the digital age new meaning.

The main beneficiary of the GameStop rise is Ryan Cohen, the co-founder of Chewy, who made an investment in GameStop last year in an effort to help the company accelerate its pressure online. Cohen began buying GameStop shares in August, adding to his position in December. He has invested a total of $ 76 million for a 13% stake in the company.

With the market closing Tuesday, Cohen’s 13% stake was worth more than $ 1.3 billion. Over the past two weeks, therefore, Cohen’s net worth has risen by an average of $ 90 million a day, or nearly $ 4 million an hour. Cohen could not be reached for comment.

The other big GameStop winner is Donald Foss, the 76-year-old founder and former CEO of Credit Acceptance Corp., a subprime car lender. Foss, who lives in Michigan, bought 5% of GameStop last February for about $ 12 million. Its stake is now worth more than $ 500 million, and its total net worth, according to Forbes, is close to $ 2 billion. Foss could not be reached for comment.

GameStop CEO George Sherman raised his 3.4% stake in the company to a value of about $ 350 million.

So far no one was able to send in the perfect solution, which is not strange. Several board members decorated their stake between January 13 and 15 when the stock first started to rise. These sales may have been part of pre-sale programs.

GameStop continued its rise on Wednesday. It more than doubled to a new 52-week high of $ 354.83 before making a profit.