GameStop Fires CEO Matt Furlong Responsible for NFT Push Amid Lackluster Earnings

GameStop has fired CEO Matt Furlong, who was responsible for the company's foray into NFTs. Billionaire investor Ryan Cohen has been promoted to executive chairman. The company reported lackluster Q1 earnings, with earnings per share missing expectations by over 133%. The stock price has dropped 19% in after-hours trading. Furlong's termination came without a stated reason, and he also resigned as a director. GameStop's NFT marketplace had a successful debut but saw a significant decline in sales afterward. In December 2022, the company announced it would no longer focus on cryptocurrencies or NFTs. Recently, GameStop partnered with Illuvium for a 20,000 NFT collection.