The Stockholder List Summary
Four individuals traveled to GameStop headquarters the week of June 5-10, 2023 to view the list of stockholders eligible to vote at the annual meeting. This is their story in chapters, represented by various posts to Reddit. Reddit began removing some of this information on June 9 and then permanently banned the entire r/DRSyourGME subreddit on June 14 without warning and without a specific reason. It’s unclear if the ban was the result of a misinterpretation of federal law by Reddit or if it was an effort to suppress information, or both.
There were many interesting findings, but perhaps the most significant was the fact that one-third of all accounts were enrolled in the DirectStock plan - representing a minimum of 22 million shares. This was concerning because of a May 2023 update by Computershare’s President of Global Capital Markets, Paul Conn, who said: “Typically, we would hold somewhere between ten and twenty percent of the shares that underpin the plan through our broker at DTC” (see video below).
And while 10–20% is typical, no guidance was given for maximums or for atypical stocks. The individuals visiting headquarters noted that there was no way to tell if some of the seemingly “Pure DRS” accounts were enrolled in DRIP or had sell limits set, so the 33% accounts in DirectStock (>22 million shares) is the bare minimum.