Meme Stocks Begin To Crumble: GameStop Market Value Falls $14 Billion, AMC Crashes 55% While Dow Jumps 600 Points

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After surging 800% over the past week, GameStop shares are starting to tank Thursday morning.

After posting their worst daily losses since October, the Dow Jones Industrial Average and S&P 500 were up 576 points, or 1.9%, and 1.8%, respectively, Thursday at about 11:15 a.m.–reversing some of their 2.5% plunges from Wednesday; the tech-heavy Nasdaq, which fell 2.6%, is up about 1.2%.

The broader market's recouped losses come as shares of so-called meme stocks like AMC Entertainment, Nokia and BlackBerry start to reverse massive gains Thursday following aAMC, BlackBerry and Nokia are down 55%, 40% and 30% Thursday after soaring as much as 570% over the prior week. Meanwhile, GameStop–the stock that started it all–is on a wild ride, surging as much as 30% by 10 a.m. before crashing 55% below Wednesday's close by 11 a.m.; the stock skyrocketing an eye-popping 800% in the week through Wednesday.

The stock's roller coaster ride comes as popular online brokerages Robinhood and Interactive Brokers, which facilitated much of the Reddit mayhem,"On the busiest week of the fourth-quarter earnings season, where companies are crushing expectations, all anyone wants to talk about is the video game equivalent of Tower Records–people need to get their priorities in order," Vital Knowledge Media Founder Adam Crisafulli said Thursday.

 

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Yeah through controlled effort to shutdown users on tdamerittade and Robinhood that is manipulation by power at its finest. Who funds you Forbes

$GME Is rally stopped in GameStop ?

This is a perfect example of how rigged this system is. Hedge funds screw people over on a daily basis, but when the internet gets together to screw the hedge funds - they cry to the SEC. Wall Street, the SEC, Robinhood and everyone involved with this blockage should be arrested

It was going to happen anyway. Trading for kicks instead of for fundamentals is just plain a bad idea. The only good thing about it is the stunt made hedge funds lose a lot of money for doing just that: trading for kicks.

Grade D+ This article misses the mark and avoids some key journalist components regarding the market, brokers and a big question about manipulation. It seems rushed. I expect better next time.

Market manipulation

I hope Forbes will cover the law suits that are coming Robinhood's and other coporate thiefs' way in the most positive and objective way. Although regarding how you are covering this news, I highly doubt it. SHAME🔔

Yeah I would be willing to bet that Integrated Whale Media Investments is benefitting from this suppression of the retail trader

Because RobinhoodApp and others are doing something illegal to help hedge funds. aka blocking out regular traders to help BIG BIZ

They didn't crumble, roobinhood is colluding with hedge funds to manipulate the market & you are fake news!🤡

Forbes, please report that these fucking white collar criminals fucking organized this.

'started to restrict trading of shares' is a funny way to write 'sell only'... massive difference. What a shock prices plummeted

No, Forbes. Get it right. Please do a story on an the suspended trading going on today with. AMC, GME, BB

Amazing how slow Twitter and MSM is to pick up on this story. Brokerages colluded to bail out Wall St at the expense of the working class once again. And yet we'll probably never hear about this again after this week.

Let’s talk about the market manipulation that Robin Hood and others are doing right now!

The didn't crumble. Retail traders are being locked out. Please report accurately, smh

Poor schmuks are losing, yet again. Will definitely blame the rich

The only people who made any real money off this are the ones who had big bucks to dump in, knew to cash out quickly and know the tax code well enough to mitigate the short-term cap gains hit.

You forgot about the part: ..DUE TO ILLEGAL MARKET MANIPULATION BY HEDGE FUNDS

Because they’re not letting us buy it! TF!

When you are only allowed to sell, they can only go down. It's market manipulation.

They didn’t crumble. They were artificially suppressed by Robinhood colluding with short hedge funds to remove 15 MILLION traders

Because retail traders can’t buy them... not bc this is something that we were told to watch out for...

DO NOT SELL. THESE DIRTY HEDGE FUNDS KNOW THEY ARE SCREWED WITH THEIR SHORT RATIOS

It’s tumbling because they are blocked.

nice, helping w the manipulation huh. HOLDDDDD

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