Video game retailer has lost more than $30 billion in market value after a stock frenzy driven by Reddit board.
GameStop shares came under renewed pressure on Thursday, falling 30% to around $65 as the video game seller continued to slide after a social media-driven frenzy drove its stock up nearly 2,000% since early January. — which on January 28 were riding high at $483 apiece — are down 87% over the last week. The unusual plunge has lopped more than $30 billion off the company’s market value. The stock had soared in late January especially, after amateur investors on Reddit discussion board WallStreetBets piled into the shares, with some traders declaring war on Wall Street hedge funds that had bet against the company. The forum has exploded in popularity in the past week, swelling to 8 million members.
