Shares in GameStop fell Tuesday, losing more than half their opening value and falling to their lowest level in a week.
Shares in GameStop fell to $ 90 by the end of Tuesday, a loss of 60 percent that shaved off $ 135 from the opening price.
GameStop shares have been falling steadily since Thursday, hitting a high of $ 483, about 1,800 percent higher than the price at the beginning of the year.
The brutal two-day series for GameStop could be the death knell for a Reddit-sponsored crusade against hedge funds that spent billions on the struggling retailer’s inventory, betting it would still lose value.
Members of the Reddit subforum r / WallStreetBets increased the price of GameStop’s share by gradually buying shares in an attempt to push short before the momentum began to fade.
GameStop’s losses also took place on a strong day for the overall market, with all three major U.S. stock indices closing Tuesday with gains of about 1.5 percent. Other stocks placed short by Reddit retailers also faltered on Tuesday, including AMC Entertainment (2.6 percent), BlackBerry (1.4 percent) and Nokia (0.7 percent).
Whether GameStop shares will bounce back remains to be seen, given the incredible volatility driven by the viral gatherings and dedicated nature of some buyers. Nevertheless, GameStop shares continued to lose value in the trading hours, which means further losses on Wednesday.