When GameStop’s inventory worth fell by over 50 p.c on Tuesday, closing at $90, we weren’t sure if it was going to pick back up or keep going down. It appears we now have our reply, as GME is down one other 41 p.c, closing at present at simply $53.50.
That is less than the stock sold for the week earlier than it took off on a wild rollercoaster trip induced by Reddit retail traders and an unprecedented social media frenzy. So it looks as if we’re not a lot in a dip, however on the lengthy, gradual trip again to the start.
After I wrote about GameStop’s stock dip on Tuesday, the inventory was down 81 p.c from its peak of $483. Now, it’s down 89 p.c from that peak. There was at all times the possibility of a rally (and I assume, technically, there nonetheless is), nevertheless it looks as if the meme could actually be over. Whether it is, it’s a tragic ending: anybody who purchased the inventory in the course of the rush and has held on to it till now’s within the pink on GME.