GameStop has fired its CEO Matt Furlongthe executive responsible for launching the initiative non-fungible tokens (NFTs) of the company
According to a statement dated June 7, Furlong was fired, while Ryan Cohen – a billionaire investor prized by memestock traders after GameStop’s notorious 2021 sell-off – was promoted to CEO.. Minutes after the company announced Furlong’s termination, Cohen tweeted a cryptic message that read: “Not for long.”
not for long
—Ryan Cohen (@ryancohen) June 7, 2023
Not for much longer
The company did not explain the reasons for Furlong’s dismissal. However, according to an 8-K filing filed with the United States Securities and Exchange Commission on June 9, 2021, Furlong’s contract specified 24 months of continuous employment. In parallel, Furlong resigned as a director of the company, reducing the size of the board to five people.
Matt Furlong only had a 24 month contract with Gamestop
that ended this week… pic.twitter.com/sn4TJEdTCj
— Victoria L. Bolton (@vickilaketta) June 8, 2023
Fun fact: Matt Furlong only had a 24-month contract with Gamestop, and it ended this week…
The news came alongside GameStop’s first-quarter earnings report, which saw the gaming company report earnings per share that missed market expectations by more than 133%.
The company’s share price has plunged to $21, currently down 19% in after-hours trading., according to Google Finance data.
Furlong joined GameStop as CEO in June 2021, five months after the memestock frenzy sent GameStop shares soaring 3,000%.from USD 17.25 to USD 500 in a single month.
GameStop launched its NFT marketplace in June 2022, just as the market’s fascination with NFTs was waning. GameStop later added support for blockchain gaming NFTs in your marketplace, a move made possible by its partnership with the Web3 gaming platform and Ethereum’s Layer 2 scaling solution ImmutableX.
The company’s debut in the NFT market was well received with nearly $2 million in sales in the first 24 hours of the platform’s operation. However, things quickly took a turn for the worse.. In August, the daily volume of sales in the market was around USD 4,000, 99.8% less than the frenzy of the first day.
In December 2022, GameStop announced that it would no longer focus any major efforts on cryptocurrencies or NFTs, following a dismal third-quarter earnings report. in which the company racked up $94.7 million in net losses and began laying off staff.
Despite these statements, GameStop recently partnered with Australia-based blockchain game developer Illuvium to debut with a collection of 20,000 NFTs.
GameStop and Matt Furlong have yet to respond to Cointelegraph’s request for comment.
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