GameStop Extends Drop, Erases $30 Billion in Value From Peak
(Bloomberg) -- GameStop Corp.’s decline accelerated on Tuesday, bringing the company closer to erasing all its gains from last month.
Shares of the video-game retailer fell 16% to close at $50.31 in New York, their lowest level since Jan. 21, wiping out $30.2 billion in value from its January peak. The stock fell below $50 during intraday trading. Its slump came as trading volume continued to dry up with about 26 million shares changing hands, less than half of what’s been seen in the past month.
The Grapevine, Texas-based company has now shed about 90% of its value from an intraday record of $483 on Jan. 28 when it briefly became the largest company in the Russell 2000 Index. The stock is still up more than 150% this year despite recent losses.
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