GameStop’s soaring boom turned its 3 biggest shareholders into billions overnight

Call them the Reddit Rich.

GameStop’s parabolic stock surge over the past two weeks, in part driven by the Reddit mob Wallstreetbets, has created more than $ 2 billion in personal wealth for the company’s three largest individual shareholders. While it doesn’t last long, the massive shareholder gains created in such a short time give new meaning to the notion of instant wealth in the digital age.

The primary beneficiary of GameStop’s rise to power is Ryan Cohen, the co-founder of Chewy who invested in GameStop last year in an effort to help the company get it live faster. Cohen started buying GameStop shares in August and strengthened his position in December. He invested a total of $ 76 million for an approximate 13% stake in the company.

At market close on Tuesday, Cohen’s 13% stake was worth more than $ 1.3 billion. So over the past two weeks, Cohen’s net worth has grown an average of $ 90 million per day, or nearly $ 4 million per 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 lender. Foss, who lives in Michigan, bought 5% of GameStop last February for around $ 12 million. 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 saw his 3.4% stake in the company grow to a value of around $ 350 million.

So far, none of the Big Three shareholders appear to have sold any shares. Several board members reduced their holdings between Jan. 13 and Jan. 15, when the stock began its ascent. These sales may have been part of pre-programmed sales programs.

GameStop continued its ascent on Wednesday. He more than doubled and hit a new 52-week high of $ 354.83, before slashing his earnings.