GameStop Shares Spike After Announcing Creation Of CTO Position

The buying-panic is back (albeit briefly perhaps) as headlines from GameStop that it has created (and appointed) a new Chief Technology Officer role sent the embattled share price up 20%-plus.

Pres Release:

GameStop today announced that it has appointed Matt Francis to the newly-created role of Chief Technology Officer. Mr. Francis has a start date of February 15, 2021.

Mr. Francis brings more than two decades of experience in e-commerce and consumer technology to GameStop. Most recently, he was an Engineering Leader at Amazon Web Services. He previously held senior-level technology roles at companies such as QVC and Zulily. At GameStop, Mr. Francis will be responsible for overseeing e-commerce and technology functions.

Additionally, GME’s pop could be related to news that online brokerage app Robinhood said on Wednesday it would allow buying of fractional shares in GameStop Corp and AMC Entertainment Holdings Inc.

AMC also popped…

However, what we find surprising to say the least is the fact that GME never had a CTO position previously?