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GameStop has a 1-up in the stock market.
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GameStop shares appeared to have a second life Wednesday as the stock price jumped more than 80% in after-hours trading to $168. This came after a late surge in the afternoon doubled the opening price of $44.70.
The stock’s rally comes after the news from Tuesday that Jim Bell, the retailer’s chief financial officer, is resigning. Bell will resign from GameStop on March 26, the company said in a release. Diana Jajeh, GameStop’s current senior vice president, will serve as interim CFO while the company searches for a permanent replacement.
Bell didn’t leave the company willingly, according to Business Insider. He was reportedly pushed out by the board over a lack of faith and an initiative to reshape the company by Ryan Cohen, co-founder of Chewy, who made a large investment in the video game retailer last year.
Cohen tweeted a picture of an ice cream cone Wednesday. While it seems to have no significance, it came around the time GameStop’s stock began to surge.
The video game retailer saw its stock price skyrocket at the end of January thanks to a push by traders on the subreddit r/WallStreetBets, reaching a peak of around $480. It has since continued to drop, losing much of its value.
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