GameStop Corp.
To achieve the same, he is considering a significant acquisition of a publicly traded company, potentially in the consumer or retail sector, where he has extensive experience.
The billionaire declined to disclose the potential acquisition targets but indicated that they would be "big." He acknowledged the high stakes of the move, saying that it would ultimately either prove to be "genius or totally, totally foolish."
Burry Urges Buffett-Style Strategy
GameStop's stock has been on a rollercoaster ride, with a recent surge following the disclosure of a fresh stake by renowned investor Michael Burry.
Burry, famous for his prescient bet against the U.S. housing market in 2008, drew parallels between Cohen and legendary investor Warren Buffett, suggesting that GameStop should follow the Berkshire Hathaway
Burry in his Substack newsletter stated that he believes the stock could rise if Cohen uses $10 billion or more to acquire a strong business, such as an insurer with significant investable customer premiums.
Cohen told The Wall Street Journal that he hasn't spoken to Burry since at least 2019 but described him as a respected investor known for making early, accurate calls.
Price Action: Over the past year, GameStop stock declined 18.51%, as per data from Benzinga Pro. On Friday, the stock climbed 2.54% during the pre-market session.
