Take-Two Interactive CEO Strauss Zelnick faced another round of questions about Grand Theft Auto 6 at a brief investor meeting, including one that challenged the company’s record on delays and management performance.
The exchange will interest anyone following the latest gaming news, particularly as GTA 6 is expected to be one of the biggest game launches in decades when it arrives in November.
Investor questions GTA 6 delays and company leadership
On 17 September, Zelnick answered several investor-submitted questions during a short shareholders meeting. The topics included a possible PC version, multiplayer and other details that Take-Two has addressed only in broad terms.
One investor’s question stood out. Rather than summarising it, Zelnick read the entire submission before responding:
“Many shareholders have tolerated years of delays, missed expectations, and continued dependence on a small number of major franchises. If these issues persist, does the board believe that the current management team remains the right group to lead the company, or is prepared to replace senior executives if operational performance and shareholder value creation do not improve?”
Zelnick said Take-Two’s board was “diligent and rigorous” and demanded “high performance”. He added that he and other executives would be replaced if they failed to perform.
Zelnick highlights Take-Two’s transformation
The CEO then objected to the investor’s characterisation of Take-Two’s business, saying he wanted to “quibble” with the wording of the question.
“When this management team took over the company in March of ’07, the stock price was 17. The revenue of the company was under a billion dollars. The company was under investigation by at least four government entities, had not filed annual reports in 13 months, and had not scheduled an annual meeting despite obligations to do so. They had one major franchise in GTA. The rest of the business was losing money, and the company was very nearly bankrupt.”
“Since then, this management team has reduced the cost profile at that time, diversified the company meaningfully, entered the mobile business, launched more than 11 franchises that have each sold over 5 million units with an individual release, and today is the largest, by market cap, of pure-play interactive entertainment company that’s public on Earth.”
“And if a management team is judged on stock price, and I do believe that’s an important measure, our stock has appreciated since March of ’07 to today about 1,200% versus the S&P at 440% and the NASDAQ at 980%. And of course, the company’s revenue is guided to be between $8 and $8.2 billion this year, with very significant pre-cash flow anticipated.”
A defensive answer to a fair concern
Zelnick moved through the remaining questions and ended the meeting shortly afterwards. His historical comparison makes a strong case that Take-Two has changed substantially since 2007, growing beyond GTA through properties including Borderlands, NBA 2K and Mafia, as well as its mobile operations.
However, the investor’s concern was not without basis. Take-Two has experienced delays and missed expectations, and the long wait for GTA 6 has kept attention firmly on the company’s release planning. For readers who enjoy following how game hardware and software shape the wider market, RETROCADE’s arcade machine buying guide offers a different perspective on choosing dedicated gaming equipment.
The company now expects GTA 6 to launch in November. If that release proceeds as planned, Zelnick may have fewer questions about its arrival and more about sales, updates and future ports. In the meantime, the discussion shows that investor patience has limits—even for one of the industry’s most valuable publishers.
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