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There s just one problem: he didn t sell a single share during the Reddit-fueled short squeeze.
Cohen isn t the only one who is sitting on his stock. GameStop insiders haven t sold any shares since the week of January 11, selling at weighted average prices between $19.99 and $38.08 per share. (Friday s close price was $325). The two other biggest beneficiaries of the GameStop surge, CEO George Sherman and billionaire investor Donald Foss, haven t touched their stock either.
Since GameStop s next earnings report is due on March 26, it is possible that insiders are in a blackout period, which means they could be restricted from buying or selling stock. But even without regulatory constraints, these high-profile investors and executives likely have their hands tied. Realizing these paper gains would be at the very least a sell signal and would present a massive reputational risk.
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