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2023 Stockholder List Summary

Four individual investors traveled to GameStop headquarters the week of June 5-10, 2023 to view the list of stockholders eligible to vote at the annual meeting. Viewing the shareholder list is possible for directly registered shareholders who make an appointment and follow relevant state law. This is their story in chapters, represented by various posts to Reddit on several subreddits. Some sub moderators began removing some of this information on June 9, and the entire r/DRSyourGME subreddit was taken down on June 14 without warning. The DRSyourGME sub had not removed any of the information up to that point. Reddit admin provided the explanation that sharing public information which is hard to access can still violate their privacy policy, and did not comment further. 

There were many interesting findings from the stock list, and 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).

While 10–20% is typical, no guidance was given for minimums, maximums or for atypical stocks. Computershare decides what percentage of shares are held in OE and how often that percentage changes. The individual investors 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.

Read on to learn more about the findings from the shareholder list

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