I promise you, dear reader, that the headline you just clicked on is not pure gibberish, despite what the grammar-checking software on my computer tried to tell me.
No, the enigmatic and confusing saga of GameStop continues after the company’s stock once again made enormous moves Wednesday evening, doubling before market close and then pumping another 50% in after hours trading.
No one really knows the reason for the stock’s sudden jump, and are now trying to decipher a strange, almost nonsensical tweet from GameStop CEO Ryan Cohen.
— Ryan Cohen (@ryancohen) February 24, 2021
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That’s it. That’s the tweet. A frog emoji and an ice cream cone.
CNBC had absolutely no clue what was going on, and longtime personality Jim Cramer looked exasperated from trying to decipher the meaning.
Still the rally continued, with some wondering if the removal of the company’s CFO was to blame:
This latest volatility in GameStop’s share price comes after news on 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.
So-called “meme stocks” have perplexed market analysts for weeks now, and the GameStop trading saga was even the subject of a congressional hearing just days ago.
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