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GameStop Corp. (
GME) - Get Report shares surged higher Tuesday, following several volatility halts on the New York Stock Exchange, after billionaire investor Chamath Palihapitiya joined the fray in chasing Wall Street s hottest stock.
Palihapitiya, the CEO of Social Capital and part-owner of the Golden Sate Warriors basketball franchise, said he had purchased call options that would allow him to purchase GameStop at $115 a share in February, just as shares in the world s biggest video game retailer were changing hands at $93.70 per share.
A call option gives the buyer the right, but not the obligation, to purchase an asset at a certain price at a specified point in time.