Reddit Users Send GameStop Stocks Soaring
Shares of GameStop continued to surge yesterday after a group of Reddit users promoted stock trading strategies to drive up the price. The stock was valued at over $338 per share by the time the market closed. GameStop has been on the verge of bankruptcy for years, and was valued at only $2 per share at its lowest point in 2020.
GameStop’s shares have increased by 1,700% in the past four weeks. The company’s largest shareholder is now $2 billion richer and is making an average of $6 million per hour. Financial experts fear that the bubble may collapse and many people could lose their investments.
White House Press Secretary Jen Psaki said yesterday, “Our economic team are monitoring the situation. It’s a good reminder, though, that the stock market isn’t the only measure of the health of our economy.”
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