Why is GameStop's stock price rising despite the overall market sell-off?
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GameStop's stock price rose by 3.73% to $23.64. Previously, CEO Ryan Cohen announced an ambitious plan to transform the retailer into a $100 billion company through large-scale acquisitions, leveraging its $9 billion cash reserves. Legendary investor Michael Burry expressed support for this strategy, revealing that he had acquired new shares and suggested that GameStop use its cash for transformative deals, similar to certain exchanges. Cohen's compensation is tied to the company reaching a $100 billion market capitalization.
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