Right now, Wall Street is in chaos — and it's all thanks to Reddit and GameStop, a video game retailer that people visited in the early 2000s and feel as nostalgic toward as you do Blockbuster. Despite the chain feeling like the remnant of a bygone era, in the last two weeks, GameStop stock soared almost 700%
. First, this past Friday, it had increased by 83% since prices first started rising. Then, on Monday, it rose another 140% and surged again this morning
, seemingly in part because Elon Musk tweeted "Gamestonk!!"
late yesterday afternoon. How high has it gone? On December 31, 2020, a share of GameStop stock cost $18.84 (£13.80). At time of writing, a share is over $300 (£219.80). The company is now worth over $10 billion (£7.3 billion).