GameStop director sells $60 million in shares

GameStop director Leonard Riggio has sold 2.3 million shares of the company's stock, valued at $60.2 million. The executive's move, which lowers his control from 6.9 percent to 5.5 percent, is apparently not causing any alarms to go off. Industry analyst Michael Pachter tells Joystiq, "He must have needed money."

Financial publication Barron's spoke with an analyst who noted the last time Riggio sold stock -- not related to options -- he apparently avoided a 62 percent loss. From the outside, there's nothing obvious that could stop GameStop's money march at this point other than an unknown internal issue facing the company or the very visible growth of digital distribution, and the retailer is already planning for the latter.

Source -- GameStop director's $60 million sale (Barron's, subscription required)
Source -- GameStop director sheds $60 million in shares (Gamasutra)