Business
Here’s why GameStop stock skyrocketed more than 100% on Wednesday — and why it could be on the verge of collapse
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
What happened
Shares of GameStop Corp (NYSE: GME) extended their torrid recent gains on Wednesday as a horde of traders rushed to buy the video game company’s stock in attempt to crush short-sellers and drive its price to astronomical levels.
As of 1:25 p.m. EST, GameStop’s stock price was up a shocking 125%.
Yet the stock’s incredible rally could be nearing its end.
So what
GameStop’s shares are now up nearly 1,700% so far in 2021 — and it’s still January. An epic short squeeze is believed to be fueling the rally — one led by an army of individual traders that are using social media sites like Reddit and Twitter to…
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