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The sale of the South Korean asset manager comes after the stock jumped 788% through Wednesday.
Eric Broder Van Dyke / Dreamstime.com
GameStop
revealed in a filing with regulators on Thursday that MUST Asset Management, a large shareholder in the company, has sold its entire stake in the company.
The sale of the South Korean asset manager comes after the stock jumped 788% through Wednesday, fueled by swarms of individual investors targeting the heavily shorted stocks of the video game retailer.
GameStop stock (ticker: GME) fell sharply on Thursday, falling about 43% by noon. Robinhood, a free stock trading app that individual investors have used to buy GameStop stocks, said Thursday that it was restricting trading of certain stocks that were also targeted by users on the Reddit forum to allow users only to close positions.
In its statement, Robinhood said the new restrictions apply to shares of
American Airlines
(AAL),
AMC Entertainment
(AMC),
Blackberry
(BB),
Bed bath and beyond
(BBB),
Express
(EXPR),
Koss
(KOSS),
Naked brand group
(NAKD) and
Nokia
(NOK). Other brokers have also put in place restrictions on some of the stocks affected by a massive influx of individual investors.
Write to Ben Walsh at [email protected]
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