GameStop stock refuses to settle down, as its value has more than doubled in the past hour. Trading started at around $45 per share this morning, but is now sitting at just over $90 – a near-perfect replica of what happened at the end of January.
Trading was halted in the last hour before markets closed, as the stock's volatility once again set off alarms.
The surge in valuation follows an announcement earlier this week that GameStop CFO, Jim Bell, is leaving the company. It's been reported that he didn't leave of his own accord and was forced out by Ryan Cohen, the newest board member and co-founder of Chewy.
“Mr. Bell’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including accounting principles and practices,” the company said in a filing with the Securities and Exchange Commission.
While GameStop's resurgence is remarkable on its own, many traders have also noticed that Reddit went offline around the same time the GME stock started to trend upward. There's officially been no connection between the two, but seeing as a popular subreddit was at the heart of the GameStop debate earlier this year, people are already jumping to conclusions.
However, it seems nothing nefarious is afoot – instead, the site is simply struggling to keep up with the influx of users celebrating the gains on r/WallStreetBets.
Whatever the reason is for the once-again-inflated GameStop valuation, it's clear that this story is far from over.
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