GameStop shares continue to soar following Elon Musk tweet

first_imgGameStop shares continue to soar following Elon Musk tweetThe US retailer’s share price has approximately quadrupled in the past weekMarie DealessandriAcademy WriterWednesday 27th January 2021Share this article Recommend Tweet ShareCompanies in this articleGameStopGameStop’s shares continued to rise yesterday, as Elon Musk joined the trading frenzy.The US retailer saw a 50% boost during after-hours trading after the SpaceX and Tesla CEO tweeted a link to the WallStreetBets subreddit alongside the word “Gamestonk!!”, Reuters reported. That’s on top of a 93% rise on Tuesday, which saw the shares reach $148 by the end of the trading day. GameStop’s share price has approximately quadrupled in the past week, Barron’s reported. Talking to Reuters, former US Securities and Exchange Commission enforcement attorney Jacob Frenkel said that the possibility of an investigation from the SEC can’t be ruled out. “Such volatile trading fueled by opinions where there appears to be little corporate activity to justify the price movement is exactly what SEC investigations are made of,” he said.Related JobsSenior Build Engineer – AAA Studio – Yorkshire UK & Europe Big Planet3D Artist – Mobile Studio – Midlands UK & Europe Big PlanetProducer Indie Game Studio France UK & Europe Big PlanetDiscover more jobs in games GameStop has been on the radar of WallStreetBets for the past few days, with games industry analyst Michael Futter telling PCGamer that their goal is just to “make some quick money.”Last Friday, GameStop was the most actively-traded US stock, causing trading to be stopped several times during the day due to high volatility.On Monday, the retailer’s sock continued to be incredibly volatile, jumping from Friday’s closing price of $65.01 to a record high of $159.18 before noon.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesGameStop opening new US east coast fulfillment centerNew 700,000 square-foot Pennsylvania facility opens later this year, intended to support ecommerce “transformation”By Brendan Sinclair 8 days agoGameStop CEO reportedly due to receive $179m windfallOutgoing chief benefits from GameStop stock surgeBy Marie Dealessandri 19 days agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more