Dollars and SenseNews

GameStop Shares Continue to Fall

Source: Matt O’Brien The Associated Press, globalnews.ca, February 05, 2021

GameStop shares dropped 42 per cent on Thursday, plummeting from $483 a week ago to around $53. However, that’s still above the $17 they fetched at the start of the year.

“IF HE’S STILL IN, I’M STILL IN,” was the constant refrain from followers of Roaring Kitty, the YouTube personality whose enthusiasm about buying stock in video-game retailer GameStop made him an icon in the social media frenzy that shocked Wall Street last week.

His hometown newspaper in Massachusetts dubbed him a “Brockton legend,” stirring dreams about how the former high school running champion might use his newfound riches to build the city an indoor track. Hollywood studios started sketching out movie proposals about the small-pocketed investors who banded together on social media to vault a troubled brick-and-mortar chain “to the moon” and punish hedge funds that were betting on its failure.

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