GameStop Stock Price Is Surging Again, And /r/WallStreetBets Turns Jubilant

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The stock price of video game retailer GameStop, which remained below $100 since February 4th following its incredible surge to nearly $500, has again jumped over 200 percent to over $160 after the company announced that its CFO is stepping down. This new rally has immediately revitalized the meme activity in the /r/WallStreetBets subreddit, where many users have been holding the stock through its decline.

On Wednesday GameStop announced that its Chief Financial Officer Jim Bell will be stepping down from his role on March 26, not citing the reason for the departure. In late January 2021, as the /r/WallStreetBets-driven campaign to force the stock into a short squeeze pushed the price of the brick-and-mortar retailer past $480, GameStop failed to capitalize on the surge.

The news send the price of $GME, which was trading at below $45 when the markets opened on Wednesday, climbing again. As investors rejoined the trend, GameStop was trading at over $91 by the close markets time, and over $160 during the Thursday pre-market session. The surge in the price of GameStop stock was shortly followed by similar jumps in other WallStreetBet-favored stocks, which included AMC Theatres, Blackberry and Nokia. AMC rose from $7 to $11, while Blackberry jumped from $10 to over $12.5.

The second surge of GameStop surge instantly revitalized meme activity in /r/WallStreetBets, as many of users in 9-million strong subreddit, including famed user Keith “DeepFuckingValue” Gill, opted not to sell out of their positions during the three-week-long decline. The front page of the subreddit is currently filled with posts celebrating the new surges in GameStop and other “meme” stocks.

The January surge in the price of GameStop stock became a subject of both viral discussions online and US government’s close attention, with financial analyst and WallStreetBet’s own prophet DeepFuckingValue giving a testimony before the U.S. House Financial Services Committee.

Source: https://news.knowyourmeme.com/news/gamestop-stock-price-is-surging-again-and-rwallstreetbets-turns-jubilant

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