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GameStop Frenzy: Elon Musk, Reddit Day Unleash Stock Market Havoc
Posted
January 28, 2021
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1:17Now PlayingGameStop Corp. shares nearly doubled during exchange hours and then surged in postmarket after Elon Musk tweeted about the video-game retailer.
The skyward march in GameStop Corp. accelerated Tuesday, its stock nearly doubling during exchange hours and then surging another 50% after being name checked in a tweet by Elon Musk. Its market value flew past the $10 billion mark via a year-to-date rally that is pushing 700%.
Thanks to the gain, GameStop is now worth more than 10% of S&P 500 stocks including American Airlines Group Inc., Under Armour Inc. and Invesco Ltd. It started the year with a market capitalization of $1.2 billion. Shares of the U.S. company listed on German exchange Tradegate gained 106% to $306 in early trading on Wednesday compared with Tuesday’s U.S. closing price of $147.98.
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