GameStop Corp. continued its march to trading before trading in the US after a tweet by Elon Musk ignited the flames of the rally that led to the bankruptcy of the action, which caused the company’s market value to increase over 10 billion dollars.
The stock rose to $ 260, up 76% from the last close of $ 147.98. This followed a 93% increase on Tuesday, which meant that GameStop increased eightfold this month, in a dizzying rally fueled by Reddit-laden day traders.
After a frantic session on Tuesday, the earnings of the action reached new extremes outside the usual hours after the head of Tesla Inc., Musk posted a link on Twitter on a Reddit thread about the company. The famous fund manager Michael Burry warned that the manic rally had spiraled out of control, calling the increase in stocks “unnatural, crazy and dangerous”.
GameStop Shares almost always sink as a result of income reports
The rise of GameStop has captivated Wall Street and prevented short sellers, including Melvin Capital, Gabe Plotkin, and Citron Research, by Andrew Left. He also encouraged the request for an inquiry by the Securities and Exchange Commission, although experts say it is difficult to prove that chat room posts are part of an illegal process. system to manipulate the market.
GameStop Rage Against the Financial Machine: John author