GameStop (NYSE:GME) stock is on the climb this week after Chief Executive Ryan Cohen publicly endorsed Republican presidential nominee Donald Trump on Saturday. Indeed, Cohen posted a simple “Trump 2024” post on X, formerly Twitter, following Saturday’s assassination attempt on the former president.
The post has invited divisive reactions from investors and political fans alike. Indeed, while some X users expressed approval of the surprise advocation, others were less enthusiastic. Indeed, some users called Cohen out for being hypocritical after previously stating that businesses shouldn’t take positions on social issues.
Though another user came to the CEO’s defense, arguing the post doesn’t reflect the views of GameStop directly.
GME Stock Climbs on Slew of New Trump Backers
Cohen isn’t the only public figure who tossed their hat into Trump’s ring recently. Indeed, Tesla (NASDAQ:TSLA) CEO Elon Musk also publicly endorsed Trump on Saturday, along with billionaire hedge fund manager Bill Ackman. While Musk simply announced his support for Trump, Ackman posted a lengthy explanation of his presidential pick and concerns over the reliability of mainstream media.
“Please keep an open mind on the upcoming presidential election. Bear in mind that your views on Trump have likely been dramatically affected if you have sourced your info on Trump from mainstream media or friends or family who have relied on mainstream media as a source of knowledge,” Ackman wrote. “We have all recently learned in the starkest manner (the debate) how we cannot rely on the MSM as our source of truth on the ultimate political question.”
With the two behind the former president, Trump has gained some potentially sizable funding sources. Musk has stated he will commit around $45 million per month to a pro-Trump super PAC called America PAC. America PAC already has a number of major backers, including Palantir (NYSE:PLTR) co-founder Joe Lonsdale, the Winklevoss twins, and Kelly and Joe Craft.
GME stock is up 11% since the start of the week as investors are seemingly encouraged by Cohen’s recent endorsement. GME has enjoyed a strong year in the market thus far, up 67% just seven month into 2024.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
