GameStop share jumped just 100 percent and WallStreetBets is in ecstasy

GameStop is on … again, a lot. Before the market closed on Wednesday, shares of the video game retailer began to rise, with GME closing at just $ 91.71 – up 104 percent for the day.

This is the highest level on the stock since it fell back to earth earlier this month after the unprecedented Reddit-powered rally sent it up to $ 483 a share. During the course of the afternoon, trading in the stock was suspended twice.

It is not exactly clear what is happening here. But one group celebrates: r / WallStreetBets. The community of retail investors is ecstatic about the results and calls the leap as proof that the GME rollercoaster ride is not over yet. There is so much interest in the community that it currently appears to be under the burden of incoming traffic.

A number of opportunities this week could contribute to the rise. GME lawyer Keith Gill, known online as Roaring Kitty or through his worse handle u / DeepFuckingValue, testified last week in a hearing on the GameStop meeting in the House Financial Services Committee, in which he described his case as’ advocates an everyday investor. likes the stock. Late last week, Gill doubled its stake in GME to 100,000 shares, worth about $ 4 million at the time, reports The Wall Street Journal.

Gill’s willingness to double its GameStop enthusiasm may be one of the factors explaining the rise in equities today, but it’s certainly not the only one. Former GameStop chief financial officer Jim Bell announced his resignation yesterday, a sudden departure Insider now reports may be less friendly after the board of directors ‘lost confidence in management’. It can boost investors’ enthusiasm.

And finally, and most inexplicably, Chewy founder Ryan Cohen – the GameStop board member whose interest in the company helped ease the dazzling share price – took a picture of a McDonald’s ice cream cone with a frog emoji for tweeted a caption. What does this possibly have to do with a new rising GME share price? Who knows. But at this point, I’m willing to believe anything.