GameStop Stock Sees a Surge to Over $200 Again!

Almost half the year is done with, but the GameStonks debacle of January 2021 is still fresh in many people’s minds. With just their cash and an idea to stick it to corporate hedge funds, the subscribers of Reddit’s r/wallstreetbets were able to skyrocket the GameStop stock price, a stock that was initially going to be shorted. And if recent information is to be believed, they may be doing it again!

This “GameStonks” event will go down in history since it really was something that had never happened before. When the people over at Wall Street Bets heard that a handful of hedge funds had decided to short stock in GameStop (where investors “borrow” stock in a struggling company, sell it, wait for the price to drop, buy it back and pocket the difference), they decided to take matters into their own hands. They were able to artificially inflate the stock price, thwarting the stockbroker’s plans and potentially leaving them millions in debt.

Now, this entire affair had toned down after the initial furor, but many Reddit boards have still been keeping an eye on $GME and other “meme” stocks such as AMC Entertainment. Upon hearing rumors of another short squeeze earlier this month, people mobilized, and GameStop saw its stock starting to soar once again.

Currently, $GME is up by 25% over the course of a month and is sitting at a share price of over $200. This is the first time this has happened in many months.

This is bad news for any investor hoping for a short squeeze but great news for those invested in the business side of things. On stepping down from his role, GameStop CEO Geroge Sherman was set to receive a payout of $180 million by cashing in his company’s stocks. But, his 1.1 million shares in GameStop would get him closer to $230 million by today’s prices.

The GameStonks effect was felt throughout the world and outside of economic and financial circles as well. Epic decided to add the Stonks Guy meme as a Fortnite skin as an April Fool’s joke. So, if you’ve ever wanted to run through the Fortnite maps yelling, “Buy, buy, buy! Sell, sell, sell!” then this skin is perfect for you.

We doubt we’ve seen the end of the GameStonks episode, and, given the inflated stock prices currently, the financial market is unpredictable at best. 

About GameStop

GameStop Corp. is an American video game retailer that sells gaming merchandise like game titles, consoles, and accessories through digital and physical formats. It is a Fortune 500 company and owns over 5,000 stores across various countries.