GameStop Corp trades flat ahead of Easter long weekend
- NYSE:GME gained 0.05% during Thursday’s trading session..
- Meme stocks are rising as Elon Musk makes a bid to buy Twitter.
- Jack Dorsey’s first ever Tweet NFT is a dud at a recent auction.
NYSE:GME traded mostly flat on Thursday but still managed to eke out a small gain during another bearish session for the broader markets. Shares of GME edged higher by 0.05% and closed the last trading day of the week at $150.77. The market rollercoaster continued on Thursday as the major indices continued to flip flop between red and green days. All three major indices erased their gains from Wednesday’ session, as the Dow Jones lost 113 basis points, the S&P 500 fell by 1.21%, and the NASDAQ tumbled by 2.14% as tech stocks sold off before the Easter long weekend.
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Meme stocks have been back in the headlines as Tesla (NASDAQ:TSLA) CEO Elon Musk made an aggressive buyout offer for the social media platform, Twitter (NYSE:TWTR). On Thursday, Musk offered $43 billion to buy the platform outright. Early indication is that Twitter will be declining Musk’s offer. Retail traders have been known to follow Musk’s every move on social media, and famously caused the price of DogeCoin to spike after Musk touted the meme token. It should be noted that Twitter currently has a market cap of $34 billion, which makes Musk’s offer for Twitter worth upwards of more than $50 per share.
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Former Twitter CEO Jack Dorsey’s first ever tweet NFT was purchased for $2.9 million last year. The buyer, Sina Estavi, listed the NFT at a recent auction for $48 million. Unfortunately for Estavi, the highest bid the NFT saw was for $280. While the value of the NFT certainly is somewhere in the middle of those two prices, this does speak to the volatility of the NFT market in general. GameStop is anticipated to open its NFT marketplace at some point in the second half of 2022.
