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Summary
- The House Financial Services Committee has scheduled a hearing to get a better insight on GameStop saga.
- GameStop has appointed three executives to strengthen its e-commerce business and customer service.
GameStop shares have lost significant value after smashing through the roof last week. On Wednesday, the meme stock closed 2.68% higher at $92.41, but GME shares were nearly 4% lower in the after-hours trading.
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Roaring Kitty aka Keith Gill is the guy who has been a long term supporter of GameStop. He presented his GameStop investment thesis on his YouTube channel, an educational channel for investors.
At one point last week, Mr Gill’s Reddit page showed his investment in GameStop was worth nearly $48 million. As GME shares have tanked significantly after hitting as high as $483 a share, his investment was worth around $22 million as of 3 February.
US Congress will examine the outage caused at broking platforms like Robinhood. Earlier last week, the trading on GameStop and other shares were abruptly suspended by many retail broking platforms. On 18 February, the House Financial Services Committee will hear about the short-selling practices and volatility in GameStop shares.
Chairwomen Maxine Walters said on a news channel that she wants Keith Gill to be present at the hearing. She has placed Mr Gill on the list, but the list was not confirmed yet.
GameStop hires new executives
On Wednesday, the company announced three new hires. It has appointed Matt Francis as Chief Technology Officer, which is a newly created role. Mr Francis will begin in this role from 15 February 2021 and will oversee e-commerce and technology functions.
GameStop said Mr Francis has experience of over two decades in e-commerce and consumer electronics industry. Previously, he held senior technology level roles at Zulily and QVC. Most recently, Mr Francis was an Engineering Leader at Amazon Web Services.
Copyright © 2020 Kalkine Media Pty Ltd
The retailer appointed Kelli Durkin as Senior Vice President of Customer Care. Previously she held the same role at Chewy, which achieved Net Promoter Score of 86 in 2018 under her leadership. She will join the company on 1 March 2021.
GameStop has also appointed Josh Krueger as Vice President of Fulfilment. He will oversee the management of e-commerce fulfilment centres. Earlier, Mr Krueger held senior fulfilment roles at QVC, Walmart, and Amazon. He will begin his appointment on 1 March 2021.
(Currency is USD, unless or otherwise stated)
