Reuters (Reuters) – Ryan Cohen, the billionaire investor whose audacious bet on GameStop Corp (GME.N) made him a hero among meme stock traders, was named executive chairman on Wednesday, after the video game retailer fired its CEO and reported a larger-than-expected quarterly loss.

In after-hours trading, investors sent the stock price down more than 20%, extending a roller-coaster journey that began in early 2021 when regular investors came in to prove hedge funds incorrect about GameStop’s (GME.N) collapse.

Some experts are sceptical that Cohen can turn around GameStop two years after becoming board chairman.

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