GameStop share price shoots up over 200 per cent
Gamestop share price shoots up over 200 per cent
Hedge fund juggernaut Gamestop is back with a share price explosion. On the New York Stock Exchange, Gamestop shares closed up 103 per cent at $91.71 on the 24th. But the rally did not end there.
The GameStop pumpers have struck again: after GME already managed to double its price on the NYSE on 24 February, the rally continues in after-hours trading. In our latitudes, the Crypto Bank share has already tripled in price. On XETRA, the electronic trading portal of the Frankfurt Stock Exchange, the share of the games provider (GS2C) is traded at 157 US dollars (about 130 euros) at the editorial deadline.
The last time Gamestop experienced such a pump was at the end of January. At that time, amateur traders coordinated concerted purchases of GME shares via the Reddit forum r/wallstreetbets.
Charlie Munger criticises pump mentality
In the wake of the pump, hedge funds that had bet on a falling share price suffered losses in the billions. Once again, the GameStop pump is a hotly debated topic on r/wallstreetbets. Meanwhile, it is once again mainly representatives of the money elite who can muster little understanding for the behaviour of small investors.
It’s really stupid to have a culture that encourages such gambling in stocks by people who have the mindset of racetrack gamblers,
for example, Reuters news agency quotes Charlie Munger (97), a long-time business partner of investing legend Warren Buffett.
GameStop parts ways with CFO
On 23 February, Gamestop also announced the resignation of Chief Financial Officer (CFO) Jim Bell. The company is now looking for a CFO who „has the skills and qualifications to accelerate GameStop’s transformation,“ according to a company press release.