Short sellers lobbying WH, Congress against possible curbs following GameStop frenzy: Gasparino
Sources tell FOX Business’ Charlie Gasparino that James Chanos of Kynikos Associates has reached out to the White House to lobby why short selling is needed.
GameStop investors went on another wild ride Wednesday.
Shares of the video game retailer were halted twice by the New York Stock Exchange after surging more than 100% during the final hour of the trading session.
GameStop trading was halted at 3:38 p.m. ET and again at 3:46 p.m. ET due to volatility, according to the NYSE’s website. The company’s stock closed at $91.71.
GameStop posted its highest close since Feb. 3 and its largest-single day increase since Jan. 27, according to Dow Jones Market Data Group. More than 50 million shares were traded on Wednesday alone
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Shares surged one day after GameStop announced that its chief financial officer, Jim Bell, would resign from his post in March. The company said it has begun a search for a replacement CFO “with the capabilities and qualifications to help accelerate GameStop’s transformation” from a brick-and-mortar retailer to an e-commerce outlet.