GameStop stocks hit record high — thanks to Redditors

In an unusual incident, shares of video gaming company GameStop touched a record high price of $ 76.76 for a fight between Redditors and short sellers.

Just to give you an idea of ​​this bizarre growth, GameStop shares were trading between $ 3- $ 4 at this time last year.

It all began when the low-selling company Citroën was scheduled to clarify its stand on GameStop on a live stream last Thursday. However, the company said that it had to cancel the event Many hacking attempts on its Twitter account

Meanwhile, members of R / walvetbets Started buying GameStop shares for cheap prices, forcing Citron to buy its own quota of shares that it needed to return to its lenders. This led to a jump in the company’s stock.

[Read: How this company leveraged AI to become the Netflix of Finland]

GameStop got a tough 2020 because of itGeneral business direction as a company with multiple physical locations selling video games And epidemics. According to a Bloomberg report, the company plans to close more than this 450 of its retail locations move their businesses online at the end of the year. Earlier this month, Gametop refreshed its board Three executives of pet ecommerce company Chewy.

In an interview with Bloomberg last week, Citron managing partner Andrew Left said that after this unprecedented boom, the electronics company will hold shares Return to the $ 20 price mark soon.

If you want to know more about the battle between Citron and r / WallStreetBets, Ars Technica Is an easy lecturer.

Published on 25 January 2021 – 05:23 UTC