After hitting 7,347 on January 27, Gamestop stock fell to just $ 40 on February 19.
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New eruption. Video game retailer Gamestop was the target of a fever on Wall Street on Wednesday, February 24, with its title rising more than 100%. The rise comes after its chief financial officer, Jim Bell, announced his resignation.
This decision is not motivating “Disagreement with the Company on any matter relating to the Company’s operations, regulations or procedures”, Confirmed Gamestop. However, according to the site Business Insider (In English), Citing sources close to the case, said Jim Bell was present “Deleted” Ryan Cohen, a partner-activist, recently joined the company’s capital and board of directors.
The visit of Ryan Cohen, co – founder of online pet store Chevy, was one of the triggers for the company’s sharp upward move on Wall Street in late January.
An army of amateur investors exchanged their advice and ideas in the forum of the Reddit site, increasing its price in the stock market and decided to go largely to the chain of these stores. Thus they wanted to misrepresent the big investment funds and the grandchildren of Wall Street, they bet on the collapse of Gamestop.
A speculative mania then conquered the entire market for several sessions and provoked strong reactions from regulators and US elected officials. After stopping at 7,347 on January 27, Gamestop shares fell over $ 40 on February 19.