Price seems to be on a roller coaster ride again. The stock rallied on Thursday morning after a massive sell-off when the markets peaked at $ 184. It came after a big day when stocks rose more than 100% on Wednesday.
This recent volatility in GameStop stock price is due to Tuesday’s news Jim Bell, the retailer’s chief financial officer, resigns. Bell will step down from GameStop on March 26, the company said in a press release. Diana Jajeh, the current Senior Vice President of GameStop, will serve as the interim CFO while the company searches for a permanent replacement.
Bell did not leave the company willingly, according to Business Insider. He was reportedly ousted from the board of directors for a lack of trust and an initiative to transform the business of Ryan Cohen, co-founder of Chewy, who made a large investment in the video game retailer last year.
Cohen tweeted a picture of a Wednesday ice cream cone. While it doesn’t seem to matter, it came around the time GameStop stock started rising.
While the reason for the stock price surge is still unclear, hedge funds that have taken short positions in GameStop’s stock in the hopes that the value will keep falling may have lost their bets. Short sellers lost $ 818 million by betting against the company on Thursday, according to financial analyst Ortex.
TheAt the end of January thanks to a push-by and hit a high of around $ 480. It has been since then .