GameStop shares exploded again on Wednesday, trading as high as $342 before trading was halted at 11:19 a.m. The stock was up OVER 130% just from Tuesday, even as several high-profile short sellers said they were backing away from their positions. As of Tuesday morning when trading was put on hold, GameStop’s market cap was at roughly $24 billion.
Melvin Capitol and Citron were two of the big name short sellers that backed away, saying they had covered most or all of their positions.
A huge social media community on Reddit and Tik Tok has been mainly responsible for driving the stock price to the incredible levels, and the momentum grew further when Tesla CEO tweeted out a link to the Reddit board where the flurry of activity and communication was taking place.
At the end of last week, GameStop had a market cap under $4 billion.