GameStop Slumps After Announcing 75M Share Sale

Jun 7, 2024 By MarketDepth

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GameStop (GME) was surging over the last couple weeks after reddit investor Roaring Kitty reemerged from his long hiatus. His account eventually culminated in showing that he had over $100 million position in GameStop.

The company released lower than expected earnings coming at 29% lower than last year. They are still trying to take these surges in stock price to diversify there business model and figure out how they can survive. The stock has been on a roller coaster over the last couple years being up almost 100% year to date.

On top of poor earnings the company announced they are going to sell 75M shares to continue to fund the company as they diversify. Keith Gill is also set to do a live stream which is his first time going live in a couple years.