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HOTTEST SELLER AT GAMESTOP IS ITS OWN STOCK, $1B RAISED
AppleMagazine
|AppleMagazine #504
GameStop raised more than $1 billion in its latest stock sale, capitalizing on a newly arrived and fervent army of online investors.
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The video game retailer has taken center stage among a handful of companies that have come to be known this year as meme stocks. The phenomenon has pitted smaller investors who snap up shares of beleaguered companies, against large, institutional investors who have shorted shares of those companies, or bet that shares in those companies will fall.
So far, it’s the smaller investors that are taking home big gains, though certainly larger and more sophisticated investors have since jumped aboard for the ride.
Shares of GameStop Corp., based in Grapevine, Texas, just outside of Dallas, are up more than 1,000% this year. Another meme stock, the movie chain AMC Entertainment, is up 2,300% this year.
This story is from the AppleMagazine #504 edition of AppleMagazine.
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