Shares of GameStop and other companies tumbled in extended trading after Wallstreetbets, a discussion forum popular with retail traders on the Reddit website, briefly turned invitation-only
GameStop s steep rally lives another day as shorts give up
Paul Jarvis, Bloomberg News VIDEO SIGN OUT
GameStop Corp. had the biggest day yet of its dizzying rally, adding more than US$10 billion in market value, as bullish day traders kept the upper hand over short sellers.
The shares advanced 135 per cent to US$347.51 at the close Wednesday after triggering three volatility halts. The video-game retailerâs market value has risen more than 18 times this month to about US$24 billion, making GameStop bigger than almost half of the companies in the S&P 500 Index.
Euphoria born in day-trader chat rooms has turned GameStop into the biggest story of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, itâs become a major headache for institutional investors betting it would fall.