GameStop’s surge has delivered billions to its 3 largest shareholders overnight

Call them the Reddit Rich.

GameStop’s parabolic equity surge over the past two weeks, driven in part by the Reddit Wallstreetbets crowd, has created more than $ 2 billion in personal assets for the company’s three largest individual shareholders. While it may not be long, the massive shareholder profit created in such a short time gives new meaning to the idea of ​​instant wealth in the digital age.

The main beneficiary of the GameStop surge is Ryan Cohen, the co-founder of Chewy, who made an investment in GameStop last year to help the company accelerate its online push. Cohen started buying GameStop stock in August and added his position in December. He invested a total of $ 76 million for an approximately 13% stake in the company.

When the market closed on Tuesday, Cohen’s 13% stake was worth more than $ 1.3 billion. So in the past two weeks, Cohen’s net worth has increased by an average of $ 90 million a day, or nearly $ 4 million an hour. Cohen could not be reached for comment.

The other big winner from GameStop is Donald Foss, the 76-year-old founder and former CEO of Credit Acceptance Corp., a subprime auto loan. Foss, who lives in Michigan, bought 5% of GameStop for approximately $ 12 million last February. His stake is now worth more than $ 500 million, bringing his total net worth to nearly $ 2 billion, according to Forbes. Foss could not be reached for comment.

GameStop CEO George Sherman has seen his 3.4% stake in the company rise to a value of approximately $ 350 million.

So far, none of the big three shareholders seem to have sold shares. Several board members cut their holdings between January 13 and 15, when the stock first started to rise. Those sales may have been part of pre-planned sales programs.

GameStop continued its rise on Wednesday. It more than doubled, hitting a new 52-week high of $ 354.83 before winding down on gains.