When GameStop’s stock price fell by over 50 percent on Tuesday, closing at $90, we weren’t sure if it was going to pick back up or keep going down. It seems we now have our answer, as GME is down another 41 percent, closing today at just $53.50.
That’s less than the stock sold for the week before it took off on a wild rollercoaster ride induced by Reddit retail investors and an unprecedented social media frenzy. So it seems like we’re not so much in a dip, but on the long, slow ride back to the beginning.
When I wrote about GameStop’s stock dip on Tuesday, the stock was down 81 percent from its peak of $483. Now, it’s down 89 percent from that peak. There was always the chance of a rally (and I guess, technically, there still is), but it seems like the meme may truly be over. If it is, it’s a sad ending: anyone who bought the stock during the rush and has held on to it until now is in the red on GME.