{"id":201458,"date":"2021-02-25T00:39:40","date_gmt":"2021-02-25T00:39:40","guid":{"rendered":"https:\/\/gamerant.com\/gamestop-stock-rise\/"},"modified":"2021-02-25T00:39:40","modified_gmt":"2021-02-25T00:39:40","slug":"gamestop-stock-is-on-the-rise-again-game-rant","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2021\/02\/25\/gamestop-stock-is-on-the-rise-again-game-rant\/","title":{"rendered":"GameStop Stock is on the Rise Again | Game Rant"},"content":{"rendered":"

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Following the announcement that its chief financial officer will step down next month, GameStop<\/strong>\u2019s stock is once again on the rise. The surge arrives a month after a group of investors from Reddit drove GameStop<\/a>\u2019s stock to record-breaking heights.<\/p>\n

GameStop\u2019s stock jumped to $91.71 by the time the Stock Exchange closed for trading on February 24, a 104% increase over the previous day. The shares climbed so rapidly that it was halted twice for market volatility. The sudden jump in stock price comes a month after a group of investors from r\/WallStreetBets began to buy up GameStop shares<\/a> en masse, sending the company\u2019s stock price soaring to more than $400 per share. The record-breaking surge in GameStop\u2019s stock and its eventual collapse drew the attention of the national media and congress.<\/p>\n

RELATED: Major GameStop Investor Requests More Store Closures<\/a><\/strong><\/span><\/p>\n

The February 24 jump in stock price comes the day after GameStop announced that its CFO Jim Bell would resign on March 26<\/a>. In the announcement, the company stated that Bell\u2019s resignation was not because of any \u201cdisagreement with the Company on any matter relating to the Company\u2019s operations, policies or practices, including accounting principles and practices.\u201d But outlets such as Business Insider<\/a> and Bloomberg<\/a> have reported that Bell was pushed out by Ryan Cohen, the co-founder of online pet supply retailer Chewy who was appointed to GameStop\u2019s Board of Directors in early January.<\/p>\n

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Cohen purchased a large stake in GameStop last summer through his venture capital firm RC Ventures, and has since pushed the company to embrace the online marketplace over its brick-and-motor stores. In November 2020, Cohen sent a scathing letter to GameStop\u2019s board in which he demanded that GameStop close several of its stores and instead focus on becoming a \u201ctechnology company\u201d that offers digital services and products. GameStop entered a deal with RC Ventures<\/a> in January that appointed Cohen to its Board of Directors.<\/p>\n

Some stock market analysis’s believe that Cohen\u2019s appointment to GameStop\u2019s board was one reason why the company\u2019s stock surged to record-breaking heights in late January. A group of day-traders on r\/WallStreetBets initiated the surge when they began buying up GameStop\u2019s stock, which resulted in a short squeeze that cost the hedge funds that were shorting the company billions of dollars. The GameStop’s stock crashed at the beginning of February<\/a>, and has not recovered until the recent jump. The frenzy drew the attention of Congress, which is currently holding hearings to investigate why it happened.<\/p>\n

Investors from r\/WallStreetBets who held on to their stock celebrated the recent jump in GameStop\u2019s shares. The Reddit site temporarily shut down during the surge, likely because of high traffic.<\/p>\n

MORE: Key Figure in GameStop Stock Fiasco Testifies Before Congress<\/a><\/span><\/p>\n

Source: Bloomberg<\/a><\/p>\n\n

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GameStop’s stock is surging again after the company announced that its chief financial officer would resign at the end of March.<\/p>\n<\/div>","protected":false},"author":666,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"GameStop Stock is on the Rise Again | Game Rant - ITTeacherITFreelance.hk","description":"GameStop's stock is surging again after the company announced that its chief financial officer would resign at the end of March."},"footnotes":""},"categories":[607],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/201458"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/666"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=201458"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/201458\/revisions"}],"predecessor-version":[{"id":201459,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/201458\/revisions\/201459"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=201458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=201458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=201458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}