July 19, 2024

GameStop’s CEO Minimizes Cryptocurrency Risk, Focuses on Profitability

1 min read

In a recent statement, GameStop’s former CEO, Matt Furlong, revealed that the company had taken proactive measures to minimize its exposure to cryptocurrency risk. Furlong emphasized that GameStop did not hold any significant crypto assets and was committed to protecting stockholder capital.

However, Furlong’s tenure at GameStop came to an end in June when he was unexpectedly fired. This decision followed the company’s announcement of a net loss exceeding $50 million for the quarter. Ryan Cohen, GameStop’s executive chair, stated that the focus would now shift towards capital allocation, management oversight, and achieving sustained profitability.

Ars reached out to GameStop for further comment on these developments, and we will update this post if any new information becomes available.

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