GameStop stock surges after Chewy co-founder takes 9% stake

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GameStop Inc. shares are up about 20% in Monday trading after RC Ventures LLC disclosed that it has taken a 9% stake in the gaming retailer. RC Ventures, which is managed by investor Ryan Cohen, said in a late Friday filing with the Securities and Exchange Commission that it had amassed 5.8 million shares of GameStop. Cohen is the co-founder of online pet-supply retailer Chewy Inc. and he’s made investments in Apple Inc. as well. GameStop shares have surged 61% over the past month as the S&P 500 has rallied 7%.
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