Carl Icahn Looking to Buy GameStop (GME) Stock?

Speculation that corporate raider Carl Icahn will buy shares game stop (New York Stock Exchange:GME) after activist investor and GameStop chairman Ryan Cohen posted a photo of the pair, many twitter (New York Stock Exchange:TWTR). Following Cohen’s post, GME shares are up 3.5% today.

pic.twitter.com/n2xaaV2Lej

— Ryan Cohen (@ryancohen) October 18, 2022

After the sale, Cohen stepped into the spotlight crunchy (New York Stock Exchange:CHWYMore) to pet smart It traded for $3.55 billion in 2017. In August 2020, he entered meme stock territory after purchasing his 5.8 million shares of GME stock, representing his 9% of outstanding shares.

In January 2021, he was named chairman of the video game retailer. As of March 22, he owns a total of 36.4 million shares of his GameStop through his investment firm. RC Venturesand became the largest shareholder.

Meanwhile, Icahn has been in public for much longer. He founded his first fund, his Icahn & Co., in 1968, followed by his Icahn Partners in 2004. netflix (Nasdaq:NFLX), Blockbuster, lift (Nasdaq:lift), which led to his reputation as a corporate raider.

Icahn ceased managing money for outside investors in 2011 and operates a private hedge fund. But investors can invest in his company, Icahn Enterprises (Nasdaq:IEPs) with an annual dividend yield of 15%.

GME Stock: Ryan Cohen and Karl Icahn photo sparks speculation

Speculation remains speculation until confirmed, and neither party has announced anything about Icahn’s investment in GME shares. But participants in the retail industry are doing their own thing imagining what could happen.1 reddit A user posted three scenarios that could occur.

1. Icahn invests in GME.
2. Cohen and Icahn spin off Bed Bath & Beyond (Nasdaq:bbee) Buybuy baby brand. In August, Cohen sold his entire stake in BBBY (about 9.4%, 11.8%).
3. Cohen merged GameStop and Baby, after which Icahn acquired a sizable stake.

Icahn has worked in retail in the past and boasts a net worth of $18.3 billion. forbes 400 list. As of the second quarter, his 13F his portfolio valued him at $20.86 billion. His own company, Icahn Enterprises, accounts for his 64.06% of his portfolio.

Only time will tell if Icahn will actually invest in GME shares.

As of the date of publication, Eddie Pang did not hold any positions (directly or indirectly) in any of the securities referred to in this article. The opinions expressed in this article are those of the subject author of InvestorPlace.com. Publication guidelines.