- The stock price of GameStop Corp. (NYSE: GME) increased by over 10% pre-market. This is why it happened.
The stock price of GameStop Corp. (NYSE: GME) increased by over 10% pre-market as of 9:15 AM ET. Investors are responding to a report by Bloomberg that the company has selected Chewy.com founder Ryan Cohen to guide the company’s transition to an e-commerce business.
Cohen is a board member of GameStop and he is going to chair a new board focused on the company’s transformation. This new strategic planning and capital allocation committee will be comprised of Cohen, Alan Attal, and Kurt Wolf.
The committee will be assigned with hiring executives to lead its customer care and e-commerce fulfillments as well as finding a new CTO and a new CFO with technology and e-commerce experiences. And the committee will also identify opportunities for transforming the company into a technology business and help improve shareholder returns.
Plus it will be responsible for evaluating areas that include GameStop’s current operational objectives, capital structure, and allocation priorities along with digital capabilities, organizational footprint, and personnel.
The GameStop stock has been a favorite by investors on multiple social media platforms. And the r/WallStreetBets community on Reddit fueled a massive short squeeze on the stock price in late January. GameStop’s stock price is up 1,688.83% over the past 6 months.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.