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    President Tinubu approves establishment of South-East Investment Company

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    UK tightens visa rules for care workers, skilled workers and students

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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GameStop Corp (NYSE: GME) Share price crashes to $132.00 (-62.02%)

Thursday, 28 January 2021, 5:34 pm
in Markets, Stocks/Equities
0
GameStop Corp (NYSE: GME) Share price crashes to $132.00 (-62.02%)
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In what has been an incredible stock market story, the share price of the highflying GameStop Corp has taken a very bad turn on Thursday. The share price has fallen from a high of over $500 in after-hours to under $160.00.

According to a report by MarketWatch, GateStop Corp disclosed on Thursday that South-Korea based MUST Asset Managment Inc. a former large shareholders, no longer holds any shares of the videogame and consumer electronics retailer.

Source: Yahoo Finance

Information circulating on the WallStreetBets online community of reddit showed that Robinhood has suspended the buying of GameStop shares, prior to the commencement of the price decline. Robinhood said it was also restricting trading in shares of other companies including cinema chain AMC Entertainment Holdings Inc (NYSE: AMC) in response to current market volatility.

“In light of current market volatility, we are restricting transactions for certain securities to position closing only”- Robinhood.

  • Have you read?
  • Nasdaq CEO Friedman says the exchange will halt trading in a stock if unusual activity is linked to social media chatter

Other than Robinhood, several other popular trading apps also suspended the trading of the stock and others associated with the rally as a surge of investor demand disrupted their services.

Robinhood’s rival platform, Trading212 said that it had also decided to temporarily stop users buying GameStop and AMC shares in order to “mitigate risk for our clients” in what it said was “an unprecedented market environment”.

On the two platforms, users can only sell shares they already own in the firms rather than purchase new ones, the move quickly attracted the ire of traders looking to get in on the rally, which was sparked by a desire to upend large bets made against short sellers against GameStop but has since evolved into a battle between retail investors and financial institutions.

At the time of publishing this report, GameStop shares has fallen 62.02% to $132.00, while AMC has fallen 64.27% to $7.36.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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