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GameStop Corp. continued his skyward march in pre-market commerce in the United States after a tweet from Elon Musk fanned the flames of the jaw-dropping rally of the stock that drove the company’s market value upwards over $ 10 billion.
The stock was up $ 260, up 76% from the last close of $ 147.98. This follows Tuesday’s 93% rise, meaning GameStop has grown eightfold this month in a dizzying rally fueled by Reddit-laden day traders.
After a frantic session on Tuesday, the stock’s gains hit new after-hours extremes after Tesla Inc. chief Musk tweeted a link to a Reddit thread about the company. Famous fund manager Michael Burry warned the manic rally had gotten out of hand, calling the rise in action “unnatural, senseless and dangerous”.
GameStop Stocks almost always dip after earnings reports
GameStop’s surge has captivated Wall Street and stalled short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also prompted calls for an investigation by the Securities and Exchange Commission, although experts say it is difficult to prove that posts in discussion forums are part of a scheme manipulate the market.
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