GameStop Corp. (NYSE:GME) CEO Ryan Cohen has called his investment in the video game retailer a “mistake,” saying an unexpected leadership role forced him to adopt an all-or-nothing mindset.
Ryan Cohen Calls GameStop Investment A Mistake
Speaking with Anthony Pompliano at the Silvia Investor Summit in New York, Cohen reflected on the decisions that led him to take charge of GameStop in a conversation posted on social media.
Asked about a failure that taught him a valuable lesson, Cohen admitted that his investment in the company was one of his mistakes.
Pompliano recounted how Cohen initially invested in GameStop, later joined its board and eventually became CEO, despite not originally planning to run the company.
Cohen agreed the outcome wasn’t what he envisioned, calling the investment a misstep.
Why Cohen Believes Having No Plan B Drives Success
However, Cohen said that once he assumed responsibility for GameStop, he couldn’t walk away.
He explained that being in a position with no easy escape can push people to achieve extraordinary results. Cohen said he was prepared to face the consequences if the company failed, rather than abandon the challenge.
“I’ve made a lot of mistakes, but when I end up in a situation like, you know, taking over GameStop, failure wasn’t an option. If it was, I was, you know, going to go down with the ship,” he said.
According to Cohen, people can become significantly more productive when they operate in survival mode and have no alternative to succeeding.
He suggested that such circumstances force people to commit fully to solving problems, potentially bringing out their best performance.
“So, I don’t know, maybe I subconsciously put myself in situations like that, but that’s when you get the best results in life,” he concluded.
From Chewy Co-Founder to GameStop CEO
Forbes reports that Cohen has a net worth of $5.2 billion.
Cohen cofounded online pet retailer Chewy in 2011 and helped grow the business to $3.5 billion in annual revenue before stepping down as CEO in 2018, after PetSmart acquired it for $3.4 billion in 2017.
In late 2020, Cohen invested approximately $76 million to acquire a 13% stake in GameStop, urging the struggling brick-and-mortar retailer to restructure its business.
He joined GameStop’s board in January 2021, as a buying frenzy among Reddit traders sent the stock soaring and boosted his fortune.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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