GameStop Corp. Shares continued to show signs of weakness in the upside, giving up their gains after announcing the appointment of three senior executives, including the chief technology officer.

Shares of GameStop gave up an earlier 26% gain to close flat at $90.93 in New York. The stock tumbled 60% on Tuesday, wiping out more than $16 billion in market value over the past two days.

The video game retailer announced that the post of chief executive would be taken up by Matt Francis, a former veteran of Amazon.Com Inc's web service department. At the same time, Kelli Durkin was hired as the senior vice president of the customer service department and Josh Krueger as the vice president of the distribution department.

This is the first step since Chewy Inc. Co-founder Ryan Cohen1 joined the board this month. Durkin previously worked for Chewy,Krueger and held senior positions at Walmart Inc, Amazon.Com Inc and QVC.

Other shares favored by Reddit retail investors rebounded on Wednesday, with headphone maker Koss Corp. Up 50%, theater operator AMC Entertainment Holdings Inc. Up 14% and kitchen utensils company Sundial Growers Inc. Up 28%.