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Gamestop latest news - live: Stocks soar by 30% despite Robinhood halting purchases amid Reddit trading frenzy

Oliver O'Connell
·1-min read
GameStop-Stock Surge (Copyright 2020 The Associated Press. All rights reserved.)
GameStop-Stock Surge (Copyright 2020 The Associated Press. All rights reserved.)

Video game retailer GameStop’s stock price has increased dramatically due to the actions of users on the WallStreetBets subreddit.

The Reddit users pushed the stock up from $20 on 11 January to a staggering high of $146.97.

Other stocks with a similar profile to GameStop - firms that have struggled in the pandemic - have also soared in value.

The general reason for this is because the stock market is subject to wild speculation that can deem companies like Tesla, for example, more valuable than the nine largest automakers combined.

The more specific reason is that the company found itself as the central catalyst in a battle between short-sellers and online traders.

GameStop shares surged a further 40 per cent in pre-market trading before dropping sharply as markets opened on Thursday, before climbing again. Online discussion of similar action on American Airlines stocks saw its share price surge too.

Follow all the latest in our rolling coverage.