GameStop sees worst week, loses $18 billion stock market value

GameStop saw the worst week recorded as they lost $18 billion stock market value in a drastic turnaround for the gaming company.

Its stock fell by 80% in the week, the worst the company has recorded. It gained 19% on Friday after Robinhood app removed buying limits did not help the company much in terms of gaining value. This is due to the retail trader demand and the enthusiasm about stocks in the company in platforms like Reddit has decreased. The stock went down from $483 last week to $63.77 this week while the market value fell from $33.7 billion to $4.4 billion.

Robinhood Markets app loosened restrictions on purchase of stocks and then said that they will remove buying limits a day later. Both were very high in January because people from Reddit and other places began investing in the stocks of the company.

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