The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players.
The stakes are enormous: The surge in trading drove GameStop’s value up by more than $10 billion on Wednesday alone. On Thursday, as several trading platforms placed restrictions on the stock, the shares slid 44%.
GameStop — that feature of malls and shopping centers across the U.S. — was worth about $2 billion in December. By Wednesday, it was worth $24 billion, roughly the same as meat giant Tyson and fuel refiner Valero Energy. On paper, at least.
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