GameStop Corporation (GME) is trending again Wednesday morning, and before you ask—no, it's not 2021 all over again. This time, the buzz centers on a truly wild compensation plan for CEO Ryan Cohen that could theoretically net him $35 billion. Yes, with a "b."

Here's what's actually happening and why it matters.

The All-or-Nothing Compensation Package

Cohen's path to becoming one of the world's wealthiest executives starts with an all-or-nothing bet. GameStop's Board of Directors just approved a stock option award that tosses traditional CEO pay out the window. No base salary. No cash bonuses. No shares that vest just because you showed up for three years.

Instead, Cohen gets stock options to purchase 171,537,327 GME shares at $20.66 each—but only if he drags the company to truly staggering heights. The options are carved into nine tranches, each requiring GameStop to hit both a market capitalization milestone and a cumulative EBITDA target.

"This structure ensures that Mr. Cohen's incentives are directly aligned with creating long-term value for GameStop's stockholders," the company said.

Translation: Cohen eats what he kills.

The Milestones That Matter

Here's the roadmap Cohen needs to follow:

For Cohen to unlock the full $35 billion payday, GameStop would need to reach a $100 billion market cap while generating $10 billion in cumulative EBITDA. That's ambitious considering the company currently sits at a $9.3 billion valuation.

Still, Cohen has already delivered impressive results. Since he disclosed a 9% stake in August 2020 and later joined the board in June 2021, GameStop's market cap has exploded 615% from $1.3 billion. The company flipped from a net loss of $381.3 million in fiscal 2021 to net income of $421.8 million over the last four fiscal quarters.

GameStop praised Cohen's leadership for restoring "financial health and operational efficiency" to a company many had written off during the meme stock frenzy.

The Shareholder Vote

Before Cohen can start counting his billions, shareholders need to approve the plan at a special meeting expected in March or April 2026. The board developed the compensation structure with help from a third-party advisory firm, and Cohen is recusing himself from the vote.

It's a smart move politically. Asking shareholders to approve a potentially $35 billion compensation package requires serious credibility, and Cohen's track record—plus the performance-based structure—gives him a fighting chance.

Meanwhile, Store Closures Continue

While Cohen chases billion-dollar milestones, GameStop continues shuttering physical locations at a rapid pace. The company is closing hundreds of stores in early 2026 as part of what it calls a "store portfolio optimization review."

Local media reports, social media posts showing closure signs, and customer emails all point to widespread shutdowns. The GameStop Closing blog—yes, that exists—lists 223 confirmed closures for January alone.

This follows an already aggressive trimming strategy. During its third-quarter earnings report, GameStop disclosed it had closed 590 U.S. stores in the last fiscal year. A December SEC filing warned that a "significant number of additional stores" would close during fiscal 2025, which ends January 31, 2026.

Customer emails have gone out notifying shoppers of nearby closures. "Thanks for all the awesome memories! Swing by for one last hurrah or ask about the status of your in-store pre-orders and PSA submissions," one email read. The closure date for that particular location: January 15, 2026.

The closures reflect Cohen's broader strategy to diversify GameStop beyond struggling physical retail. The company has pushed into collectibles and trading cards, which has helped stabilize financials even as the traditional video game retail model continues to fade.

Stock Movement

GameStop shares jumped 4.7% to $21.63 on Wednesday, trading within a 52-week range of $19.93 to $35.81. Despite the recent pop, shares remain down 35.2% over the past year.

Cohen's compensation plan won't vest based on short-term stock spikes. It requires sustained growth and profitability—a structure that aligns his interests with long-term shareholders rather than day traders chasing the next meme rally.