GameStop shares continue to climb after Wednesday rally

GameStop stock the prize seems to be on a rollercoaster ride again. The stock recovered on Thursday morning after a huge sell-off when the markets started with a high of $ 184. This came after a big day when shares rose more than 100% on Wednesday.

This latest volatility in GameStop’s share price comes after the news on Tuesday that Jim Bell, chief financial officer of the trader, resigned. Bell will resign at GameStop on March 26, the company said in a release. Diana Jajeh, the current senior vice president of GameStop, will serve as interim chief financial officer while the company is looking for a permanent replacement.

According to Business Insider, Bell did not leave the company willingly. He was allegedly ousted by the board for lack of confidence and an initiative to reform the company by Ryan Cohen, co-founder of Chewy, who made a major investment in the video game retailer last year.

Cohen tweeted a photo of an ice cream cone Wednesday. While this apparently has no significance, it came when GameStop’s inventory began to increase.

Although the reason for the rise in the share price is still unclear, hedge funds that have held short positions on GameStop’s share in the hope that it will continue to decline in value, would have lost their bets. According to financial analysis firm Ortex, short sellers on Thursday lost $ 818 million on bets against the company.

The the video game retailer sees the stock price skyrocket end of January thanks to a push through traders on the subreddit r / WallStreetBetsreached a high of about $ 480. continues to decline and loses much of its value.