In fact, hedge funds such as Melvin Capital shorted the GME stock because it failed to embrace the digital economy. In return, the Reddit group WallStreetBets and its famous trader Roaring Kitty countered hedge funds — leading to the GameStop saga back in January. However, the stock plunged to $45 since then, and only a few traders such as Roaring Kitty profited from the frenzy.
Although Bell was pushed out of GameStop; he is bringing about $30 million home with him, said a report by Bloomberg. His contract consisted of a $2.8 million severance and departure award of restricted shares worth over $13 million. Additionally, Bell will profit from equity grants related to GameStop’s performance over the upcoming years.
Diana Jajeh, senior vice president and chief accounting officer, will replace Bell as an interim chief financial officer until the company hires a permanent CFO.
GameStop stated that they’re looking for CFO with “the capabilities and qualifications to help accelerate GameStop’s transformation.”
