Tootsie Roll at Record Highs Amid Surge of Shorted Stocks
- Shares of the candy maker climb as much as 53% on Wednesday
- CEO’s holdings in company now worth more than $1.8 billion
Photographer: Victor Spinelli/Moment Mobile/Getty Images
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The maker of Tootsie Pops has spiked to a record as retail traders pour into heavily-shorted stocks fueled by excitement over GameStop Corp.’s meteoric surge.
Shares of Tootsie Roll Industries Inc. soared as much as 53% into record territory Wednesday, adding to its gains this week, and triggering a brief trading pause. As of 11:23 a.m. in New York, the stock had pared its advance to 14%. A spokesperson for the company didn’t immediately comment.