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Meme fav GameStop bounces again as retailer’s eyes shift digitally

NEW YORK (AP) – GameStop on Monday took a step toward a more digital future by calling itself an activist investor to lead the company ‘s efforts to push more businesses online.

Shares that have become the focus of federal regulators after online traders challenged more institutional investors to send stocks soared, jumping 12% in early trading.

Ryan Cohen, co-founder of Chewy Online Animal Supplier, will chair the company’s new Strategic Planning և Capital Allocation Committee.

Cohen was a huge contributor to GameStop before the stock market frenzy began in January. He is seen as an agent of change և one who knows how to make traditional business more resourceful through technology.

Cohen joined GameStop earlier this year, a third of a year after the company revealed a drop in sales. He has since lobbied to shift GameStop’s focus from store locations to more online presence.

Cohen’s arrival sparked a stock market frenzy in which smaller online investors challenged the massive short positions of GameStop hedge funds, which they thought the company was overestimating.

The share of GameStop that could have been $ 20 less at the beginning of the year fell below $ 480 by the end of January. Trading for more than $ 150 on Monday, this year the shares continue to grow by 720%.

GameStop, based in Grapevine, Texas, said Monday it has appointed a chief technology officer, hired executives to oversee its customer care and e-commerce operations, and is looking for a new chief financial officer with experience in technology or in the electronic field. trade!

Cohen and Alan Atal and Kurt Wolf join the strategic committee, the company said on Monday.


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