GameStop shares, at the center of speculation, rose 68%
Shares of game console retailer GameStop rose 68% on Friday, marking the next stage in a standoff between a group of small investors and large hedge funds betting on a decline in the store’s shares.
At the end of trading on Friday, GameStop shares rose by $ 131.4, to $ 325 apiece.
Shares of movie theater chain AMC, also the focus of interest in recent days, rose 53.65%, to $ 13.26 apiece.
Meanwhile, the leading US indexes fell around 2% on concerns of volatility.
In January, the WallStreetBets group, created on the online platform Reddit, which includes millions of individual investors, organized a flash mob – its participants began to buy GameStop shares en masse to teach large investment funds, which actively bet on the fall of these shares due to the changes introduced by the pandemic. The price of securities for a couple of weeks soared more than 10 times, and a number of funds were forced to close their “shorts” with billion-dollar losses.