Daily Management Review

GameStop shares jump by over 100% again


A day earlier, GameStop announced that its CFO, Jim Bell, would step down on 26 March. The company's shares were up 103.9 per cent at the close of trading on Wednesday.

Mike Mozart
Mike Mozart
GameStop shares soared by over 100 per cent on news of the resignation of chief financial officer Jim Bell, CNBC reports. It may have been due to the influence of one of the company's major investors and a member of its board of directors Ryan Cohen, an entrepreneur and founder of Chewy, a pet products online retailer. 

GameStop's shares ended Wednesday's trading day with a 103.9% rise in price, they also rose in off-exchange trading on the same day by 70%. The jump in the price of the company's securities came after the company announced the departure of GameStop's CFO, Jim Bell. Bell will leave the company on 26th March . 

A company statement to the Securities and Exchange Commission (SEC) noted that resignation of Bell "wasn't because of any disсord with the firms on anything relating to the business' practice, policies or operations." CNBC notes that Cohen's appointment to GameStop's board of directors helped boost its share price in January and sparked a stir among Reddit traders that drew congressional attention. 

Business Insider reported, citing interlocutors aware of the circumstances of Bell's resignation, that it was not voluntary, with GameStop board member Ryan Cohen, an entrepreneur who created the online pet shops Chewy, influencing the decision to resign. 

source: cnbc.com