GameStop, AMC Experienced Their Worst Weeks Ever. Robinhood Lifts Purchasing Limits
"Even with Friday's bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer's stock-market value," reports Bloomberg: The stock fell 80% in the last five days, its worst weekly performance on record, to $63.77 in New York. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week's high of $483 as retail trader demand and excitement across platforms like Reddit simmered. GameStop's market value slipped to $4.4 billion, a far cry from the $33.7 billion value it hit on on January 28 when it briefly became the largest company in the Russell 2000 Index. AMC Entertainment Holdings Inc., which also had limits removed on trading, edged lower in Friday's session and capped off its worst week on record with a 48% drop... While GameStop has shed $29.2 billion in value since its peak, the stock is still up more than 200% this year.
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