Is something going down in GameStop land? Is it time to GTFO? It seems like GameStop director Leonard Riggio felt that way, as he just sold 2.3 million shares of GameStop stock. That's some $60 million in his pocket now, lowering his stake in the games retailer to 5.5 percent from 6.9 percent.
So maybe he just needed the money? I don't know. I looks like he's onto something. Gamasutra reports that the last time Riggio sold big, he managed to avoid a 62 percent loss. So it looks like he knows something. Analysts say that it looks like he thinks that stock won't be performing as well as hoped.
Are our digital downloads chipping away at the retailer? Does Riggio know something that we don't?
Dale North is Destructoid's Editor-In-Chief, a founding editor, and specialist in Japanese gaming. An accomplished musician, Dale was reporting from Japan during the earthquakes of 2011. Luckily, he got the fuck out alive and is home in America now with his wife and beloved corgi, Einstein. Dale is also a co-founder of Destructoid's sister anime site
Japanator. Likes Corgis, Sega Saturn, PSP, iPhone, Photographic tools.
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Contest:
11:20 AM on 10.14.2009
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But more than likely, The dude is going to invest in something else, or buy something... a new house, some cars, etc. plus christmas is coming up, maybe he's going all out this year.
-Gordon Gekko
Alright, probably means nothing. But its strange behavior at the Gamestop, for sure
Isn't that insider trading?
Wait...not really. They can blow me. Goozex ftw.
it doesn't matter. as long as he fills in the proper form with the government, he can trade his stock with all the insider info he can get.
hes knows that everything was push back to Q1 2010 and holiday sales are going to choke down some series Wii Watersports
I have a blast buying used games from Gamestop. A lot. It's super neat. If they shut down, that's fine. I'll just go somewhere else. I've never been big on loyalty to a brand or store, just as long as I get the thing that I want at a price I can live with.
So yea. FU Gamestop. (Still bitter that a store of them decided to not stock ps3 games such as Valkyria Chronicles and Uncharted 6months after release, claiming they don't sell enough just so they can hock their used games.)