GameStop just named an Amazon alum as its new CEO, the latest in a string of executive appointments hailing from the e-commerce giant

gamestop line
Customers line up for the launch of “Grand Theft Auto 5” in 2013 at a GameStop.

  • GameStop just hired a new CEO: Matt Furlong, a former senior leader at Amazon.
  • GameStop has reshaped its executive suite around former Amazon leaders.
  • The charge is being led by newly appointed GameStop board chairman and Chewy cofounder Ryan Cohen.
  • Visit the Business section of Insider for more stories.

The world’s biggest video game retailer just appointed a new chief executive officer: Former Amazon executive Matt Furlong is taking over as CEO of GameStop, the company announced on Wednesday.

Furlong is joined by another former Amazonian in Mike Recupero, who is taking over as chief financial officer.

The two new top executives are part of a fully revamped c-suite that includes chief growth officer Elliott Wilke, who oversaw a variety of initiatives at Amazon, former Amazon fulfillment director Jenna Owens (COO), and former Amazon Web Services engineering lead Matt Francis (CTO). Furlong most recently oversaw Amazon’s Australia operations and Recupero was CFO of the North American consumer business.

The new executive team made up entirely of former Amazon leaders fits right in with the long-term plans of newly-elected board chairman and activist investor Ryan Cohen.

Cohen is spearheading a company-wide “transformation” at the ailing retailer which is intended to turn GameStop into the “Amazon of gaming.” To do that, he’s spent months slowly replacing leadership.

Read more: Meet David Drebin, the New York and Miami-based artist who sells his $100,000 work to the rich and famous

Cohen, who cofounded Chewy and acted as CEO before it sold to PetSmart for $3.35 billion in 2017, does not have a background in the video game industry. His claim to fame is outfoxing Amazon at its own game – e-commerce – in a specific category: pets. That’s an especially meaningful claim to fame when it comes to Wall Street, which saw Cohen’s involvement in the company as a reason to buy the ailing retailer’s stock before Reddit found it.

As GameStop’s stock value rocketed north of $400 earlier this year, the company barely acknowledged the stock value explosion and Cohen declined requests for interviews.

“Moving forward, we want you to judge GameStop based on our actions – not our words,” Cohen told shareholders during the company’s annual meeting on Wednesday, where he was elected chairman of the board, according to a representative. “As my dad would say, buckle up.”

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Read the original article on Business Insider

Take a look inside Wall Street darling Ryan Cohen’s ambitious plan to ‘transform’ the retailer into the Amazon of gaming

Ryan Cohen - Chewy
Chewy cofounder and former CEO Ryan Cohen is now the head of RC Ventures, an investment firm that’s taken a 12% stake in GameStop.

  • Chewy cofounder and former CEO Ryan Cohen is the largest individual GameStop shareholder.
  • He’s also in charge of the board, and intends to turn the company into the Amazon of gaming.
  • Cohen is already making major moves at the company, and he has big plans for the future.
  • Visit the Business section of Insider for more stories.

What does Ryan Cohen want with GameStop?

That’s the big, unanswered question at the heart of his 12.9% ownership stake in the company – an investment he made well before GameStop became a meme stock.

Cohen, who cofounded Chewy and acted as CEO before it sold to PetSmart for $3.35 billion in 2017, does not have a background in the video game industry. His claim to fame is outfoxing Amazon at its own game – e-commerce – in a specific category: pets. That’s an especially meaningful claim to fame when it comes to Wall Street, which saw Cohen’s involvement in the company as a reason to buy the ailing retailer’s stock before Reddit found it.

Read more: Ryan Cohen made millions when Chewy got acquired. Now the millennial entrepreneur has a plan to turn around GameStop.

But Cohen is no casual investor in GameStop – he’s the chairman of its board, and an activist investor who has successfully lobbied the company to follow his advice several times thus far. He is clearly in this for the long term.

Though the lingering question of “Why GameStop?” remains unanswered, we know a lot about Cohen’s plans for the future of the company.

1. Cohen wants GameStop to become a technology company, with a focus on ecommerce over brick-and-retail stores.

gamestop store
A GameStop Corp. store on November 5, 2013 in North Las Vegas, Nevada.

Cohen’s investment firm, RC Ventures, owns 12.9% of GameStop. That stake makes it the second-largest single shareholder of GameStop.

Those shares cost tens of millions of dollars in 2020, and they put Cohen in a position to more directly engage with the company’s leadership. But those private conversations apparently didn’t go very well.

“Given that our attempts to privately engage with you since the summer have yielded little progress, we feel compelled to send a clear message to the Board today,” Cohen wrote in an open letter aimed at GameStop’s board of directors published in November 2020.

“GameStop’s leadership should immediately conduct a strategic review of the business,” he said, “and share a credible plan for seizing the tremendous opportunities in the rapidly-growing gaming sector.”

The letter, overwhelmingly, focused on the company’s need to transition to ecommerce.

“GameStop’s challenges stem from internal intransigence and an unwillingness to rapidly embrace the digital economy,” the letter said. “GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences – not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem.”

Throughout his letter, Cohen directly criticizes the company’s leadership – both its executive suite and its board of directors, to whom the letter is addressed.

GameStop CEO and board member George Sherman, “appears committed to a twentieth-century focus on physical stores and walk-in sales, despite the transition to an always-on digital world,” Cohen said, and the board lacks “the type of strategic vision” necessary for GameStop, “to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds.”

That criticism appeared to have a major impact, as GameStop announced in early January that Cohen and two of his former Chewy lieutenants would become new members of the board. Soon after, Cohen was put in charge of a committee created to reshape GameStop and appointed the chairman of its board.

2. He’s swapping the company’s current leadership, both its board and c-suite, for former Amazon and Chewy leaders.

GameStop execs (April 2021)

Since Cohen joined GameStop’s board and was put in charge of the Strategic Planning and Capital Allocation Committee, the company’s entire executive suite has been cleared out.

That includes CEO George Sherman, who is stepping down in the near future, and CFO Jim Bell, who was suddenly forced out of his role at the company after the board of directors “lost faith” in him, according to a person familiar with the decision who spoke with Insider. At the same time, a gaggle of former Amazon and Chewy leaders have been elected in their place.

Similarly, the company’s board of directors is being completely flipped – at the company’s annual shareholder meeting in June, it plans to elect a small group of Cohen’s colleagues to the board. And Cohen is expected to be elected chairman of the board.

In the last six months, Cohen has completely reshaped the leadership of GameStop.

3. The potential future of GameStop: online trade-ins.

GameStop Clerk
A customer laughs with a clerk as he purchases a copy of the video game “Grand Theft Auto IV” at a GameStop store in New York

Game trade-ins, and their subsequent resale, are the lifeblood of GameStop.

In September 2020, when Cohen initially purchased a significant chunk of the company’s shares, he privately proposed a plan to the board to focus GameStop on e-commerce opportunities.

One example of those opportunities is tied to GameStop’s core business: reselling used games.

Cohen reportedly proposed an online version of the retailer’s (in)famous game trade-in program.

During those talks, he proposed a major expansion of GameStop’s online footprint, according to Bloomberg. Beyond just games, GameStop’s online store would offer “a wide range of merchandise,” the report said, and prioritize fast shipping.

Cohen has yet to publicly spell out his specific plans, and representatives repeatedly declined requests for comment.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Read the original article on Business Insider

Dave Portnoy-backed Buzz ETF adds GameStop, Palantir, and Chewy in monthly rebalancing

GameStop store New York City January 2021.JPG

The Van Eck Vectors Social Sentiment ETF (BUZZ) added 21 stocks to its holdings and dropped 21 others in its monthly rebalancing on Thursday.

Big-name additions included GameStop, Palantir, Ryan Cohen’s Chewy, Rocket Companies, Nike, Visa, and Starbucks.

Top stocks dropped from the ETF included Nikola, Fastly, Etsy, Dropbox, and Twilio.

The BUZZ ETF, famously backed by Barstool Sports’ Dave Portnoy, tracks the performance of 75 large-cap US stocks that exhibit the most positive investor sentiment on online sources like social media, news articles, and blog posts.

The ETF’s top holdings, representing more than 15% of total net assets, include big tech giants like Apple, Amazon, Square, Nvidia, and Tesla.

“The April rebalance is one of the more active in recent months,” said Jamie Wise, the founder of Buzz Indexes. “The sentiment shifts are notable and diverse, reflective of the heightened level of investor discussion across social platforms.”

GameStop recently met eligibility requirements for the ETF by hitting a $5 billion market cap.

Read more: BTIG identifies 14 beaten-down stocks poised to dominate the market this earnings season and extend their track record of crushing expectations

Van Eck has made it clear in interviews that its ETF is not just a place for “meme stocks,” but this month’s rebalancing showed that multiple top Reddit trader favorites made the cut.

GameStop, Rocket Companies, Palantir, and Chewy have all been popular on Reddit’s Wall Street Bets platform at one time or another.

The Buzz ETF, launched on March 2, now boasts over $400 million in total net assets. However, performance has lagged behind the S&P 500: Total returns are negative 3.4% over the lifetime of the exchange-traded fund.

The social-sentiment ETF has had plenty of competition since going public. It’s one of about 100 ETFs that have made public debuts in 2021, according to data compiled by Bloomberg – the most public debuts by ETFs in over a decade.

Here’s the full list of the ETF’s April additions and departures:

Buzz etf adds
Read the original article on Business Insider

Chewy shares leap 13% after surprise swing to quarterly profit

Chewy Taco Cat Halloween Costume
  • Chewy shares climbed by 13% Wednesday following the fourth-quarter results from the pet-products seller.
  • The company swung to a profit of $0.05 a share, surprising analysts who had expected a loss of $0.10 a share.
  • Chewy’s first-quarter sales forecast of $2.11 billion to $2.13 billion was above Wall Street’s target.
  • See more stories on Insider’s business page.

Shares of Chewy jumped Wednesday after the online pet-products retailer unexpectedly swung to a fourth-quarter profit, bolstered by millions of more people last year who took on duties of caring for animals during the COVID-19 pandemic.

The company late Tuesday posted fourth-quarter earnings of $0.05 a share, compared with expectations for a loss of $0.10 a share in a survey of analysts by Refinitiv. A year earlier, Chewy posted a per-share loss of $0.15.

Sales of $2.04 billion beat Wall Street’s target of $1.96 billion as the company dealt with “surging volume”. Sales a year ago were $1.35 billion.

Chewy shares climbed by 13% to $90.95, a move that sets up the stock to trim its year-to-date loss to less than 1%. The stock price began to decelerate in early February but it’s more than doubled from about $36 over the past 12 months.

The company added 5.7 million net active customers in 2020, representing 42.7% annual growth. It also said it widened its product offerings to include gift cards, personalized items, and vet services. “Pet adoptions surged in 2020 as millions of homebound people and families sought out the comfort, companionship, and joy of pet parenthood” during the pandemic, the company said.

Chewy forecast first-quarter sales of $2.11 billion to $2.13 billion, higher than the average analyst forecast of $2.07 billion.

Wedbush analysts on Wednesday raised their price target to $100 from $90 and reiterated their outperform rating on Chewy following the company’s “solid earnings beat, above-consensus guidance, and a path to a 2021 beat and even higher long-term earnings power.”

Chewy’s cofounder and former chief executive, Ryan Cohen, is leading a turnaround effort at video game retailer and Reddit-community favorite GameStop.

Read the original article on Business Insider

Wall Street darling Ryan Cohen is clearing house at GameStop, bringing in e-commerce experts to transform it into the Amazon of gaming

ryan cohen millennial activist investor 2x1
Chewy cofounder and former CEO Ryan Cohen.

  • Chewy cofounder and former CEO Ryan Cohen is bringing big changes to GameStop’s leadership.
  • By June, Cohen and his colleagues will control the majority of the company’s board.
  • Cohen has also overseen major changes to the company’s executive suite.
  • Visit the Business section of Insider for more stories.

The co-founder and CEO who convinced Wall Street that pets are big business has a new pet project: Turning GameStop into the Amazon of gaming.

After taking a 12.9% stake last year through his investment firm RC Ventures, Cohen has made major changes at GameStop. First, he oversaw a string of c-suite departures and hirings. Then, he was appointed leader of a new committee overseeing a company-wide “transformation.” Now, he’s taking over the company’s board.

A whopping eight board members are stepping down, GameStop said regulatory filing on Wednesday. That leaves only Cohen, his former Chewy colleagues Jim Grube and Alan Attal, kindred spirit/activist investor Kurt Wolf, and current CEO George Sherman as board members.

From a board that currently has 13 members, the new GameStop board of directors will have just five. And at least four of those five members are working together: Cohen, Grube, Attal, and Wolf.

Notably, former Nintendo of America president and well-known video game personality Reggie Fils-Aimé is among the board members stepping down in June. He lasted just over a year in the position.

Reggie Fils Aime Nintendo Switch
Former Nintendo of America president Reggie Fils-Aimé.

As for the executive team, CEO George Sherman is the only remaining member from before Cohen got involved with the company. Jim Bell, the company’s CFO, is said to have been pushed to resign by the company’s board. Soon after, CCO Frank Hamlin resigned.

Cohen openly criticized Sherman, his c-suite, and GamesStop’s directors in a letter to the board about the company’s overall direction in late 2020.

Sherman, “appears committed to a twentieth-century focus on physical stores and walk-in sales, despite the transition to an always-on digital world,” Cohen said. He added that the board lacks “the type of strategic vision” necessary for GameStop, “to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds.”

In his letter, Cohen said the company, “needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences – not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem.”

Since Cohen joined the company’s board in January, taking charge of a “strategic” committee soon after, the company has made a string of high-profile hires from the likes of Amazon and – you guessed it – Chewy.

  • Former Amazon Web Services engineering lead Matt Francis was hired in February as the company’s new chief technology officer.
  • Former Amazon fulfillment director Jenna Owens was hired in March to serve as the company’s new chief of operations.
  • Alongside Owens’ hiring, Chewy’s former ecommerce lead Neda Pacifico was hired on as senior VP of ecommerce in March.

Cohen himself has kept quiet across the last several months.

He has repeatedly declined interview requests, and his Twitter timeline is primarily GIFs and images. His most recent tweet is a GIF from the movie “Ted,” of the titular character smoking a bong. On the most recent GameStop earnings call, Cohen did not appear.

Representatives for Cohen and GameStop did not respond to requests for comment as of publishing.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Read the original article on Business Insider

Despite GameStop’s stock boom, the company is still struggling – take a look inside Ryan Cohen’s ambitious plan to ‘transform’ the retailer into the Amazon of gaming

Ryan Cohen - Chewy
Chewy cofounder and former CEO Ryan Cohen is now the head of RC Ventures, an investment firm that’s taken a 12% stake in GameStop.

  • Chewy cofounder and former CEO Ryan Cohen is the largest individual GameStop shareholder.
  • He’s also a board member, and is intent on turning the company into the Amazon of gaming.
  • Cohen is already making major moves at the company, and he has big plans for the future.
  • Visit the Business section of Insider for more stories.

What does Ryan Cohen want with GameStop?

That’s the big, unanswered question at the heart of his 12.9% ownership stake in the company – an investment he made well before GameStop became a meme stock.

Cohen, who cofounded Chewy and acted as CEO before it sold to PetSmart for $3.35 billion in 2017, does not have a background in the video game industry. His claim to fame is outfoxing Amazon at its own game – e-commerce – in a specific category: pets. That’s an especially meaningful claim to fame when it comes to Wall Street, which saw Cohen’s involvement in the company as a reason to buy the ailing retailer’s stock before Reddit found it.

Read more: Ryan Cohen made millions when Chewy got acquired. Now the millennial entrepreneur has a plan to turn around GameStop.

But Cohen is no casual investor in GameStop – he’s a member of the board, and an activist investor who has successfully lobbied the company to follow his advice several times thus far. He is clearly in this for the long term.

Though the lingering question of “Why GameStop?” remains unanswered, we know a lot about Cohen’s plans for the future of the company.

1. Cohen wants GameStop to become a technology company, with a focus on ecommerce over brick-and-retail stores.

gamestop store
A GameStop Corp. store on November 5, 2013 in North Las Vegas, Nevada.

Cohen’s investment firm, RC Ventures, owns 12.9% of GameStop. That stake makes it the second-largest single shareholder of GameStop.

Those shares cost tens of millions of dollars, and they put Cohen in a position to more directly engage with the company’s leadership. But those private conversations apparently didn’t go very well.

“Given that our attempts to privately engage with you since the summer have yielded little progress, we feel compelled to send a clear message to the Board today,” Cohen wrote in an open letter aimed at GameStop’s board of directors published in November 2020.

“GameStop’s leadership should immediately conduct a strategic review of the business,” he said, “and share a credible plan for seizing the tremendous opportunities in the rapidly-growing gaming sector.” 

The letter, overwhelmingly, focused on the company’s need to transition to ecommerce.

“GameStop’s challenges stem from internal intransigence and an unwillingness to rapidly embrace the digital economy,” the letter said. “GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences — not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem.”

2. He wants to reshape the company’s leadership, and has already begun doing just that.

GameStop CFO Jim Bell
Former GameStop CFO Jim Bell was ousted from the company in late February.

Throughout his letter, Cohen directly criticizes the company’s leadership — both its executive suite and its board of directors, to whom the letter is addressed.

GameStop CEO and board member George Sherman, “appears committed to a twentieth-century focus on physical stores and walk-in sales, despite the transition to an always-on digital world,” Cohen said, and the board lacks “the type of strategic vision” necessary for GameStop, “to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds.”

That criticism appeared to have a major impact, as GameStop announced in early January that Cohen and two of his former Chewy lieutenants would become new members of the board. Pending a vote in June, the trio will make up one-third of the board’s membership.

Soon after Cohen joined the board, major c-suite changes began.

Amazon vet Matt Francis was hired on as the CTO in early February. A former Amazon Web Services engineering lead, he’s tasked with, “overseeing e-commerce and technology functions” for GameStop.

Then, in late February, CFO Jim Bell was suddenly forced out of his role at the company. The board of directors “lost faith” in Bell, according to a person familiar with the decision who spoke with Insider.

3. Cohen is in charge of a newly announced committee that intends to “transform” the company.

Ryan Cohen - Chewy

Just this week, GameStop announced that Cohen is in charge of a new committee at the company that intends to, “identify initiatives that can further accelerate the company’s transformation.”

The “Strategic Planning and Capital Allocation Committee” is tasked with “identifying actions that can transform GameStop into a technology business and help create enduring value for stockholders,” GameStop said in a press release on March 8.

If that language sounds familiar, that’s because it’s very similar to the language used by Cohen in his letter to the board last November.

The group — which includes Cohen, former Chewy exec Alan Attal, and activist investor Kurt Wolf — was seemingly created to carry out the changes proposed by Cohen last year.

4. One potential for GameStop’s future: online trade-ins.

GameStop Clerk
A customer laughs with a clerk as he purchases a copy of the video game “Grand Theft Auto IV” at a GameStop store in New York

In September 2020, when Cohen initially purchased a significant chunk of the company’s shares, he privately proposed a plan to the board to focus GameStop on e-commerce opportunities.

One example of those opportunities is tied to GameStop’s core business: reselling used games.

Cohen reportedly proposed an online version of the retailer’s (in)famous game trade-in program.

During those talks, he proposed a major expansion of GameStop’s online footprint, according to Bloomberg. Beyond just games, GameStop’s online store would offer “a wide range of merchandise,” the report said, and prioritize fast shipping.

Cohen has yet to publicly spell out his specific plans, and his representative didn’t respond to a request for comment as of publishing.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Read the original article on Business Insider

Chewy founder Ryan Cohen has reaped a 1,700% return from a $76 million GameStop investment he made last year

Ryan Cohen
  • Chewy.com co-founder Ryan Cohen acquired a 12.9% stake in GameStop last year for $76 million.
  • At Monday’s high of $159.18, Cohen’s stake in the video game retailer had swelled to $1.4 billion, good for a roughly 1,700% return.
  • Cohen recently gained three board seats and is pushing the company to transform into a specialized e-commerce retailer. 
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Activist investor Ryan Cohen’s investment into GameStop last year proved to be good timing on Monday after shares exploded higher by as much as 145%.

An epic short squeeze rally, combined with pockets of investor euphoria found on popular trading forums like Reddit’s WallStreetBets, helped propel shares of GameStop to an all-time high of $159.18 in Tuesday trades.

Cohen amassed a 9 million-share stake in GameStop last year at an average price of $8.43, worth $76 million at the time. At it’s intra-day high today, that stake was worth as much as $1.4 billion, representing a return of more than 1,700%.

But Cohen seems to be playing the long-game on GameStop. Through his firm RC Ventures, Cohen had petitioned the board of GameStop to adopt a strategy that would transform the company into a specialized e-commerce retailer of gaming products.

Cohen utilized a similar strategy for his previous company, Chewy.com, which is a specialized e-commerce retailer of pet products. After being acquired by PetSmart for $3.5 billion, Chewy went public and is now trading at a valuation of more than $43 billion.

GameStop seems to have been receptive to Cohen’s proposal, granting him three seats on the board of directors, including one for himself. 

Since Cohen’s first purchase of shares of GameStop on September 14, shares are up as much as 2,317%.

Read more: BANK OF AMERICA: Buy these 31 unheralded stocks as the recovery’s hottest trades of recent months continue to gain strength in 2021

gmeechart.JPG

Read the original article on Business Insider

Activist investor Ryan Cohen scores 400% gain on GameStop stock in under 6 months

Ryan Cohen

  • Activist investor Ryan Cohen has notched a 400% gain on his GameStop investment.
  • The Chewy cofounder spent $76 million for 9 million shares in the video-game retailer.
  • Those shares are now worth over $380 million thanks to GameStop’s soaring stock price.
  • Visit Business Insider’s homepage for more stories.

Activist investor Ryan Cohen has scored a 400% gain on his GameStop wager in under six months.

The Chewy cofounder spent about $76 million to buy 9 million shares in the video-game retailer last year, SEC filings show. Those shares are now worth more than $380 million, meaning Cohen has quintupled his investment and made north of $300 million on paper.

Read More: Bank of America says the warning signs that stocks are hurtling into bubble territory are growing – and pinpoints 6 that could signal a bear market is beginning

Cohen paid about $8.40 per share on average – less than a fifth of GameStop’s $45 stock-price high on Tuesday. He bought the bulk of his shares in mid-August, then grew his stake to just over 9 million shares by mid-December, giving him a roughly 13% stake in the company.

GameStop’s stock price jumped as much as 21% on Tuesday, after soaring as much as 93% to a four-year high last Wednesday. The rally followed a deal between Cohen’s RC Ventures and GameStop to add three seats to the retailer’s board, including one for Cohen.

Read More: GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth

Cohen penned a letter to GameStop’s bosses in November, criticizing them for not keeping pace with the video-game industry’s shift to digital streaming, mobile, and gamers buying from mass retailers and online rivals.

The entrepreneur and his team also called for GameStop to conduct a strategic review, evolve from a physical retailer into a technology company, prioritize its most profitable retail locations, and build an e-commerce ecosystem.

Here’s a chart showing GameStop’s astounding stock rally:

GameStop_stockchart_0121

Read the original article on Business Insider