r/WallStreetBets Erupts as GameStop Stock Soars More Than 100%
Reaching a high of $177 USD.
A day after soaring seemingly because of board member Ryan Cohen’s photo of a McDonald’s Ice Cream Cone, GameStop‘s stock saw a near 104 percent increase.
Despite sitting around $91.71 USD for most of the day, during the final hour of trading a spike force the New York Stock Exchange to halt trading price due to volatility. Incredibly reaching a high of $177 USD, more than 50 million GameStop shares were traded in mere minutes. The latest rally is believed to be a concerted effort from Redditors on the r/WallStreetBets subreddit. The defiant crew of retail traders flooded their subreddit with posts spurred by the announcement of Executive Vice President and Chief Financial Officer, Jim Bell, resigning from his roles at GameStop come March 26.
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