Gamestop shares surge 104% and “WallStreetBets” is celebrating
GameStop Corp (GME) doubled in value during Wednesday’s trading and continued to rise in the negotiations after closing after reports that an activist led a change in the company.
The so-called “meme stock” rose 25% in the aftermarket, after gaining 104.2% during trading hours.
GameStop said on Tuesday that its chief financial officer will be leaving next month. Sources said the exit was orchestrated by Ryan Cohen, the co-founder of Chewy Inc (CHWY) who invested in GameStop last year. Bloomberg reported that the board pushed the CFO, Jim Bell, “to pave the way for an executive more aligned with the vision of activist investor and board member Ryan Cohen.”
There is one group of people celebrating: r/WallStreetBets. The reddit community of investors is ecstatic at the results and hailing the jump as proof that the Gamestop rollercoaster ride isn’t over yet. There’s so much interest in the community, that is seems that the reddit server is experiencing an hard time to hold the incoming traffic.
What you see right now when sorting r/WSB by new pic.twitter.com/IVp21gjf2V
— Brian Fung (@b_fung) February 24, 2021
With information : www.investing.com and www.theverge.com