The GameStop stock situation has dominated headlines for the past week, both in the gaming sphere and beyond. GameStop shares have soared by more than 1,500 percent since the beginning of the year, all thanks to the intervention of the WallStreetBets subreddit. This has grabbed the attention of GameStop's co-founder, Gary Kusin. The former CEO's son, Ben Kusin, is a frequenter of the WallStreetBets subreddit, and he has been keeping his father updated on the situation since the beginning.
The GameStop co-founder expressed that he is comfortable observing the situation from afar. "I just grabbed some popcorn," comments Gary, remarking how he is more of a spectator than a participant. Despite no longer being involved in the company, Gary Kusin still finds honor in the fact that GameStop was chosen to bring in this much-needed change to Wall Street. "It’s a good vs. evil kind of battle," Kusin states, continuing on to describe short-sellers and their practices as un-American.
Ben Kusin has been an active Reddit user for many years, most active in the WallStreetBets subreddit that sparked GameStop's stock price surge. When the subreddit caused the stock price of his father's company to skyrocket, Ben described the phenomenon as "worlds colliding," while also admitting that he has a sense of pride from seeing it all. Ben declined to share his Reddit username, however, understandably preferring to stay anonymous as this event continues.
This situation has spread further than any person involved would have ever expected, so much so that a film adaptation is already in the works. Given their close ties to the company and its history, Gary and Ben Kusin watching from the sidelines rather than actively participating is completely understandable. Ben described the concept of participating as "sacrilegious," supporting the subreddit's cause but not wanting to buy any shares himself. Despite this, Ben's wife purchased a single share, which she refuses to sell despite being up $50, a small but still admirable contribution to the cause.
This GameStop stock situation is unprecedented, both for GameStop as a company and for the stock market as a whole. Short-sellers may be furious at this phenomenon, but undeniable good has been achieved from the work of WallStreetBets. Most recently, a Redditor has used his profits to donate Nintendo Switch consoles to children's hospitals. Others have hoarded onto their shares, refusing to let go until the short-sellers have paid their due. AMC stock is even facing a similar phenomenon, as trades surge to combat the attempts of short-sellers to bring down another company for financial gain. As odd as this entire situation is, history is truly being made due to the company that Gary Kusin co-founded.
Source: CNBC