Comeback: GameStop jump 100%, halted twice

US-franchise GameStop has closed at  $91.71 on Wednesday, taking a near 104% jump. Stocks were halted at a 74% rise. Earlier in the day, the vice-chairman of Berkshire Hathaway had hit out against “new brokers” saying that they are luring in gamblers who treat the market like a racetrack. 

Also Read: All you need to know about GameStop frenzy

Throughout the day, people have been on the lookout for the  GameStop stock making a comeback. 

The company also was trending on Twitter, with people tweeting their excitement on the stock jumping nearly 100%. The US-based company which sells electronic gadgets including gaming consoles and CDs had been struggling due to the COVID-19 pandemic. They had failed to keep up with upcoming technology and were on brink of losing a huge chunk of their business. 

Also Read: Trading platform Robinhood criticised after restricting GameStop stock purchase

Their situation took a major u-turn when a large number of Reddit users started ‘short selling’ after exchanging ideas on the Reddit forum “Wall Street Bets”. The users went ahead and purchased GameStop stocks in unison increasing its value in the market and also made regular investors lose money.