GameStop shares stuck below $100 as Reddit investors out billions

GameStop shares ended Wednesday at just over $92 each, up 3% for the day. The stock price had been as high as $483 only last Thursday — a plunge of more than 80% in less than a week…

The drop in GameStop shares, which fell 60% on Tuesday alone, could result in significant losses for some of the individual investors who had ridden the positive stock market suggestions posted on WallStreetBets. The forum has soared in popularity in the past week, swelling to 8 million members. GameStop’s shares hit an all-time high of $483 on Thursday amid social media chants of buy, buy, buy.

Since then, GameStop’s 81% stock-price dive has erased nearly $29 billion in the company’s stock-market value, which at its height last week was $35 billion. On Tuesday that stock market value, or market capitalization, sank to $6.3 billion.