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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

After a post on Reddit by uber bull Keith Gill, GameStop’s stock spikes by ninety percent.

courtesy: Reddit courtesy: Reddit
courtesy: Reddit courtesy: Reddit

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During the premarket trading session on Monday, shares of Gamestop increased by more than 90 percent. This was in response to a post on Reddit made over the weekend by stock market influencer “Roaring Kitty,” which disclosed a wager of 116 million dollars on the gaming store.
By 4:30 a.m. Eastern Time, 4.4 million shares of GameStop had been exchanged, making it the stock with the second-highest volume of trading activity.

image credit: google play

It was the first post from Gill’s Reddit account, which was instrumental in igniting a meme stock buying craze approximately three years ago by exchanging images of his bullish trades at GameStop.

Additionally, the snapshot that was uploaded on Sunday displayed $20 call options for GameStop that were set to expire on June 21. Due to the fact that Gill started posting cryptic posts and memes on X.com in May, which sparked curiosity about whether or not he would resume publishing his transactions online after a three-year sabbatical, the stock settled at $23 on Friday, representing an increase of almost 33 percent.
An email and a request for a response on Reddit were sent to Gill, but he did not answer.
Reddit’s stock price increased by 7.5%, while Robinhood, a brokerage that focuses on retail traders, improved by 3.5%.

AMC (AMC.N), which opens a new tab, climbed thirty percent, Tupperware gained twelve percent, and shares of BlackBerry that are traded in the United States increased by seven and eight percent.


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