Finance

GameStop breaks below $50 a share as short squeeze comes to an end

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The GameStop Corp. logo on a smartphone and the Robinhood website on a laptop computer.

Tiffany Hagler-Geard | Bloomberg | Getty Images

GameStop, the poster child of a recent speculative retail trading frenzy, tumbled below $50 apiece on Tuesday, as the massive short squeeze took effect and investors booked profits.

The brick-and-mortar video game retailer fell 20% to $47.81 a share on Tuesday, following an 80% drop last week for its worst weekly performance ever. At its all-time high on Jan. 28, the stock was going for $483 a share.

GameStop came into the limelight two weeks ago when an army of retail investors who coordinated trades on Reddit’s WallStreetBets forum pushed the stock up 400%…



Source cnbc.com

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