Chewy Inc. CHWY founder Ryan Cohen has sparked speculation after posting the word “TRUMP” 665 times on Elon Musk‘s social media platform, X.
What Happened: Cohen’s cryptic message has left the internet abuzz with theories about its meaning. The post comes after Cohen, a Canadian entrepreneur and activist investor, recently endorsed former President Donald Trump following an assassination attempt on Trump.
Several social media users engaged with Cohen’s post, encouraging others to decode the message, and prompting some to count how many times the word “TRUMP” appeared in the text.
Trump was shot and wounded while addressing a campaign rally near Butler, Pennsylvania, on Jul. 13. Cohen, who is also the CEO of GameStop Corp. GME, has seen the company’s stock rise over 7% since the start of the week, following his Trump endorsement.
GameStop has had a strong year in the market, with its stock up by 67% in the first seven months of 2024.
Why It Matters: Cohen is known for his business acumen and foresight. His e-commerce venture, Chewy, was founded in 2011 and later sold to PetSmart for $3.35 billion in 2017, marking the largest e-commerce acquisition at the time. Cohen’s early recognition of the growing trend in pet supplies and pet health products has been praised as a masterstroke.
Meanwhile, the tech industry’s support for Trump has been a topic of debate. Billionaires, including those from Silicon Valley, have been publicly endorsing and fundraising for Trump, a move that has been criticized as a “dangerous approach” by some, including former White House Director Anthony Scaramucci.
Musk, the CEO of Tesla Inc., has also been in the spotlight for supporting Trump. Musk, who initially stated that he would not donate to either Trump or Joe Biden in the 2024 presidential election, has since publicly endorsed Trump and reportedly donated millions of dollars to a political action committee.
While the implications of Cohen’s endorsement and his recent cryptic message are yet to be fully understood, they add an intriguing layer to the ongoing intersection of tech, business, and politics.
Price Action: GameStop stock closed at $27.98, down 1.96% on Wednesday. In after-hours trading, the stock price decreased by 0.64%. Over the past five days, the stock has risen by 10.01%, and year-to-date, it has increased by 67.85%.
Meanwhile, Chewy stock closed at $26.82, showing a decrease of 2.72%. After hours, the stock price slightly increased by 0.037%. Over the past five days, the stock has gained 3.23%; year-to-date, it has risen by 20.00%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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