The share price of GameStop rose more than 100% on Wednesday as buying frenzy resumed on the stock.
GameStop closed nearly 103.94% up at $97.71 after trading was halted multiple times due to volatility.
GameStop was in focus following the announcement of Jim Bell’s resignation as the chief financial officer of the company.
The company gave no reason for Bell’s resignation, but Business Insider reported that “Bell was forced to resign by the company’s board as part of a push by the activist investor and new board member Ryan Cohen to reshape the ailing retailer.”
GameStop said it has started a search for a permanent replacement “with the capabilities and qualifications to help accelerate GameStop’s transformation.”
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Wednesday’s rally of the stock was similar to the Reddit-fueled wild buying spree that engulfed the stock in late January, as retail investors battled Wall Street giants, pushing GameStop to an all-time high of $483 before the crash to below $50.
Reddit was down for many users on Wednesday, and the company did not give the reason for the outage. But said it had identified and fixed the issue.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.