After an eventful week taking Wall Street by storm, GameStop shares have dramatically plummeted, driving the stock price below $100 after a peak of $483.
Following Tuesday’s losses, GameStop saw its market value go from upwards of $30 billion last week to $6.4 billion by Groundhog’s Day. According to CBS News, the drop signals that hedge funds have closed their short positions despite the Reddit coup of Wall Street.
The drop in share price has lost the WallStreetBets crowd tons of money. The Washington Post reported that a Dutch student, Evan Oosterink, invested $10,000 in GameStop shares. His investment resulted from a lifetime of savings that he lost $9,000 of after Tuesday’s market drop. But he’s hoping to recoup his loss and isn’t deterred from continuing to be part of the WallStreetBets Reddit community. “Being a part of WallStreetBets, it’s like a religion you’re devoted to,” he told The Post.