Business

Online memes propel GameStop stocks to incredible highs

BY Joseph Rachman | tweet rachman_joseph   /  27 January 2021

Perhaps the weirdest moment of this ongoing story was when the YouTuber and trader Roaring Kitty aka DeepF***ingValue dipped a chicken tender into champagne to celebrate his success at turning $53,566 into roughly $20 million, at time of publication. But the strange celebration was just icing on the cake for the fact that he had done so trading shares in GameStop – a company that had posted a net loss of $275 million on revenues of $5.2 billion in the last 12 months but still seen its stock price soar by over 7000 per cent in the same period. The share price peaked at $380 having traded at under $3 at various times last year. Its stock is now the most traded asset on the planet. In the process this dizzying rally has forced a major hedge fund, Melvin Capital, to seek $2.75 billion in support from private investors after the booming prices left it down 30 per cent.


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