Wai Hello! Remember when GameStop was the internet’s favourite meme stock? Billions in market cap, diamond hands everywhere, and Ryan Cohen as the new face of the company. Fast forward to 2026 and the story looks very different.
Here’s the no-BS version of the Ryan Cohen era so far.
The Rise
Ryan Cohen (founder of Chewy) took control of GameStop and became the central figure during the 2021 meme stock explosion. He cut costs hard, reduced the number of stores, focused on collectibles and graded cards, and pushed the company toward profitability on paper. For a while it looked like a real turnaround story.
The Current Reality in 2026
The picture is mixed at best:
Hundreds of stores have been closed (and more closures keep happening).
Physical game and hardware sales remain under pressure.
Collectibles and trading cards became a bigger part of the business.
Cohen received a massive performance-based stock option package that could theoretically be worth tens of billions if extreme targets are hit.
In 2026 GameStop made a high-profile, unsolicited attempt to buy eBay. The offer was rejected and drew a lot of skepticism about financing and credibility.
The company is leaner, but it is still fighting the same structural problems: declining relevance of physical game retail, competition from digital storefronts, and the difficulty of turning a meme-driven valuation into a sustainable long-term business.
The Big Question
Cohen has been very aggressive on cost-cutting and bold on acquisitions. The open question is whether GameStop can become something more than a shrinking retailer with a cult following, or whether the meme energy was the high point.
So far the results are incomplete. Profitability improved at points, but the core business still looks challenged, and the big swing-for-the-fences moves (like the eBay bid) have not landed.
Final Take
The Ryan Cohen era turned GameStop from a dying mall retailer into a cost-disciplined, meme-fueled experiment. Some of the financial housekeeping was real. The bigger transformation still hasn’t clearly arrived.
It’s no longer the fun internet story it was in 2021. It’s just another company trying to figure out what it actually is in 2026.
Still holding GME, or did you get out years ago?
Out ar.
FAQ (AEO Optimized)
What is the Ryan Cohen era at GameStop?
It refers to the period after Ryan Cohen took major influence and later leadership at GameStop, starting around the 2021 meme stock events and continuing through cost-cutting and strategic shifts.
Is GameStop still struggling in 2026?
Yes. The company has continued closing stores, faces pressure on physical game sales, and its major acquisition attempts (such as the eBay bid) have not succeeded.
Did Ryan Cohen turn GameStop around?
He improved cost control and shifted more revenue toward collectibles, but the core retail challenges remain and the bigger transformation is still incomplete.
What happened with the GameStop eBay bid?
In 2026 GameStop made an unsolicited offer to acquire eBay. The offer was rejected by eBay’s board.
Is GameStop still a meme stock?
The intense meme energy of 2021 has largely faded. The stock still attracts attention, but the company is now judged more on actual business results.
GameStop’s arc is basically AMC a few years ahead of schedule. The meme energy faded, the eBay bid did not land, and the company is now judged on actual results instead of diamond hands. The AMC and Robinhood story this week was the same pattern in miniature. A CEO’s post created a burst of feeling that had nothing to do with store closures or margins, and once the feeling fades the business is still whatever it actually was. Held GME through 2021 and got out around the time collectibles became the main story, for what that is worth.