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GameStop Value Surges Past $10 Billion as Shares Nearly Double

  • Value exceeds 55 members of the S&P 500 including Under Armour
  • Gains continue in postmarket trading, with stock up 68%
Bloomberg business news
GameStop Value Surges Past $10 Billion After Musk Tweet
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The skyward march in GameStop Corp. accelerated Tuesday, its stock nearly doubling during exchange hours and then surging another 50% after being name checked in a tweet by Elon Musk. Its market value flew past the $10 billion mark via a year-to-date rally that is pushing 700%.

Thanks to the gain, GameStop is now worth more than 10% of S&P 500 stocks including American Airlines Group Inc., Under Armour Inc. and Invesco Ltd. It started the year with a market capitalization of $1.2 billion. Shares of the U.S. company listed on German exchange Tradegate gained 106% to $306 in early trading on Wednesday compared with Tuesday’s U.S. closing price of $147.98.