GameStop Rout Erases $27 Billion as Reddit Favorites Tumble
- Stock falls a record 60% in Tuesday’s trading, AMC sinks 41%
- Short interest plunges to 51% of the available shares, S3 says
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GameStop Corp.’s rally came to a screeching halt this week as the shares had their biggest one-day loss on record, erasing more than $27 billion in market value from their high.
The stock, which has been the poster child for Redditors looking to squeeze short sellers, fell 60% Tuesday, closing below $100 for the first time in a week. Several other Reddit favorites -- including movie-theater chain AMC Entertainment Holdings Inc. and clothing retailer Express Inc. -- also tumbled.