Gamestop crashes after firing short-tenured CEO

(Image by Sergei Tokmakov, Esq. Terms.Law from Pixabay)

(ZEROHEDGE) – As CoinTelegraph's Tom Mitchelhill reports, GameStop has fired its CEO Matt Furlong, the executive responsible for launching the company’s push into nonfungible tokens (NFTs).

According to a June 7 statement, Furlong was terminated, while Ryan Cohen — a billionaire investor held in high esteem by memestock traders following the notorious GameStop short squeeze in 2021 — was promoted to the role of executive chairman. Minutes after the company announced Furlong’s termination, Cohen tweeted a cryptic message stating, “Not for long.“

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The company did not provide a reason for Furlong’s termination. However, according to an 8-K filing made to the United States Securities and Exchange Commission on June 9, 2021, Furlong’s contract specified 24 months of ongoing employment. In parallel, Furlong resigned as the director of the company, reducing the size of the board to five individuals.

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