Don’t look now, but GameStop stock is up again. The video game store’s share price more than doubled on Wednesday, closing at $91.71 and breaching $120 in after-hours trading. Bloomberg News attributed the spike to news earlier Wednesday that board member Ryan Cohen had pushed for the ousting of CFO Jim Bell, who announced his resignation Tuesday. Cohen, the former CEO of online pet store Chewy, owns about 13 percent of the company’s stock; some Reddit users said they were inspired to invest in $GME after learning of his involvement before January’s surge, citing Cohen’s work at the helm of Chewy. Earlier this year, $GME stock nearly reached a $500 share price before trading was halted on the trading platform Robinhood. At a hearing last week, Robinhood CEO Vlad Tenev testified before Congress that the halt was because the company ran out of money for its clearinghouse, not at the behest of hedge funds.
Also on Wednesday, Reddit users reported widespread outages. At publication time, over 300,000 users were online on the r/wallstreetbets subreddit, the hub of Reddit users’ stock trading.
Read it at Bloomberg News
