GameStop goes big again, by a lot!
The chaos erupted at the end of the trading day on Wednesday,
when GameStop stocks soared up to a 100 percent, rising from about $44 per
share to around $91 per share. Things went so crazy at the 11th hour
that the trading was put on halt twice for stability.
Well, this was just the start of the GameStop madness!
People flocked to Reddit as the price climbed up – well, as
you know, the entire GameStop stock thing was basically the origination of this
platform – and the next thing we see is Reddit getting crashed. We are not sure
whether it was the rush that caused Reddit to collapse, or if it was some
technical issue, but we do know that it went down for an hour before finally
being functional again at 4:25 p.m. ET.
On Wednesday, GameStop stocks were at their highest since the drastic
dropped down earlier this month after a Reddit-charged rally pushed them as
high as $483 per share.
— Joe Weisenthal (@TheStalwart) February 24, 2021
It’s difficult to explain what’s really happening here. But
one group is definitely over the moon: Wall Street Bets. The group of retail
investors are celebrating the jump, telling us that the GameStop madness isn’t
Events of the past week might have contributed to the rise,
for example, GME advocate Keith Gill, who goes by the username
“DeepFuckingValue” on the internet, testified in a House Financial Services
Committee, pleading as a normal investor who simply loves to trade. Moreover,
Gill increased his holdings in GME, as he owns about 100,000 shares, worth
about 4 million dollars at that time.
Gill’s decision to increase his GameStop holdings could be one
reason that caused the stock surge yesterday, but it’s not the only one for
sure. On Monday, Jim Bell, the company’s former Chief Financial Officer,
stepped down for his job. His sudden departure could be the one factor that has
been driving investors insane.
At last, and most importantly, Chewy founder Ryan Cohen— the
company’s board member whose enthusiasm contributed to its ballooning stock
price— uploaded a photo of a McDonald’s ice-cream on his Twitter account, along
with a frog emoticon as a caption. Wait…. what does that have to do with the
skyrocketing stock price? Well, we don’t really know. But after witnessing
Wednesday’s insanity, we are open to every possibility! Who knows may be Elon Musk has a hand in GameStop crashing stock?
At the end of the day, things got back to normal as Reddit is now
up and functional.
Investigating: We are currently investigating this issue. https://t.co/cj2OAiCSOZ
— reddit status (@redditstatus) February 24, 2021
Wednesday sure felt like it could be the beginning of another
roller coaster ride and we wouldn’t be surprised if it happens again. Stay
tuned to find out! Meanwhile, like our Facebook page to read similar stories.