GameStop Plugs 'Infinite Money Glitch', Stock Starts Printing Cash

Core Insights - GameStop Corp. is experiencing significant attention due to a trade-in loophole and substantial insider buying by CEO Ryan Cohen [1] Group 1: Infinite Money Glitch - A YouTuber exposed a trade-in loophole involving the Nintendo Switch 2, allowing customers to gain store credit by purchasing and immediately trading back the console [2] - The promotion erroneously increased the trade-in value of the console to $472.50, resulting in a profit of approximately $57 per cycle for customers [3] - GameStop confirmed the glitch and stated it has been patched, emphasizing that their stores are not intended to function as "infinite money printers" [3] Group 2: Insider Buying - CEO Ryan Cohen purchased 1 million shares of GME this week, with 500,000 shares bought on Tuesday and another 500,000 on Wednesday at an average price of about $21.40 [4] - This $21 million investment increases Cohen's total stake in GameStop to approximately 9.3%, equating to 42.1 million shares [4] - Cohen's buying activity has positively influenced investor sentiment, contributing to a 10% increase in the stock price for the week [4] Group 3: Market Sentiment - The anniversary of Keith Gill, known as "Roaring Kitty," posting on social media is generating nostalgia and chatter among investors [5] - The combination of the viral trade-in glitch, Cohen's significant purchases, and speculation around Roaring Kitty reinforces GameStop's status as a leading meme stock [5]