GameStop stock jumps 100% after company CFO leaves
Hold the kill screen, GameStop may have just leveled up.
In a day of trading reminiscent of recent wild rallies, stock for video game store GameStop surged once again on Wednesday, closing at $91.71 and climbing over $120 in after-hours trading, ending up 103% higher than yesterday’s closing price.
$GME +100% pic.twitter.com/qIWLTfveHq
— Joe Weisenthal (@TheStalwart) February 24, 2021
According to Bloomberg News, the rise was likely attributed to CFO Jim Bell announcing his resignation on Tuesday. Bell was reportedly ousted by Ryan Cohen, co-founder of Chewy and GameStop board member. Cohen owns 13% of GameStop. Trading of GameStop stock was even halted twice on Wednesday, the Verge reported.
The stock rallied earlier this year, topping out at $483, after it became championed by a Reddit board dedicated to the stock market called Wall Street Bets.
The traffic to Reddit was causing outages across the community, apparently from a rush of new posts and comments on Wall Street Bets.
What you see right now when sorting r/WSB by new pic.twitter.com/IVp21gjf2V
— Brian Fung (@b_fung) February 24, 2021
The current “hottest” posts on the board, a clip of CNBC anchors discussing the new round of wild surges for GameStop, has received more than 41,000 “upvotes” since it was posted Wednesday afternoon.