GTFO: GameStop director dumps 2.3 million shares

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?