The South Korean asset manager’s sale comes after the stock surged 788% through Wednesday.
Eric Broder Van Dyke/Dreamstime.com
GameStop disclosed in a filing with regulators on Thursday that MUST Asset Management, a large shareholder in the company, has sold its entire stake in the company.
The South Korean asset manager’s sale comes after the stock surged 788% through Wednesday, powered higher by swarms of individual investors targeting the videogame retailer’s heavily-shorted shares.
GameStop (ticker: GME) stock has fallen sharply on Thursday, dropping around 43% by midday. Robinhood, a free stock-trading app that individual investors have used to buy GameStop shares, said Thursday it was restricting trading in certain stocks that have also been targeted by Reddit message board users to only allow users to close out positions.
In its statement, Robinhood said the new restrictions apply to shares of American Airlines (AAL), AMC Entertainment (AMC), BlackBerry (BB), Bed Bath & Beyond (BBB), Express (EXPR), Koss (KOSS), Naked Brand Group (NAKD), and Nokia (NOK). Other brokers have also put restrictions in place on some of the stocks impacted by a huge influx of individual investors.
Write to Ben Walsh at [email protected]
