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The sale of the South Korean asset manager comes after the share rose by 788% to Wednesday.
Eric Broder Van Dyke / Dreamstime.com
GameStop
In a case with the regulators on Thursday, it was announced that MUST Asset Management, a major shareholder in the company, had sold its entire stake in the company.
The South Korean asset manager’s sale comes after the stock rose 788% to Wednesday, driven higher by swarms of individual investors targeting the video game retailer’s shares.
The share in GameStop (ticker: GME) fell sharply on Thursday and fell by 43% by noon. Robinhood, a free stock trading app used by individual investors to buy GameStop shares, said Thursday that it restricts the trading of certain stocks that are also targeted by Reddit message board users to allow users to to close positions.
In his statement, Robinhood said the new restrictions apply to shares of
American Airlines
(AAL),
AMC Entertainment
(AMC),
BlackBerry
(BB),
Bed bath and beyond
(BBB),
print out
(EXPR),
Koss
(KOSS),
Naked Brand Group
(NAKD), and
Nokia
(NOK). Other brokers have also imposed restrictions on some stocks that are affected by a large influx of individual investors.
Write to Ben Walsh by [email protected]