GameStop shares fell on Tuesday, losing more than half of their initial value and falling to the lowest level of the week.
Shares of GameStop fell to $ 90 at the end of trading on Tuesday, a 60 percent loss that shaved $ 135 from its opening price.
Shares of GameStop have been steadily falling since Thursday after hitting a high of $ 483, about 1,800 percent above its price earlier this year.
The brutal two-day stretch for GameStop could be the deadly piece for a Reddit-organized crusade against hedge funds that spent billions in short on the shares of the distressed retailer, betting it would continue to lose value.
Members of the Reddit r / WallStreetBets subforum raised the price of GameStop shares by constantly buying shares in a short attempt at compression before the momentum began to fade.
GameStop’s losses also came in a strong day for the overall market, with the top three U.S. stock indices closing Tuesday with gains of about 1.5 percent. Other Reddit retailer target shares for short including also faltered on Tuesday, including AMC Entertainment (2.6 percent), BlackBerry (1.4 percent) and Nokia (0.7 percent).
It remains to be seen whether the GameStop cast delivers, given the incredible volatility driven by viral concentrations and the dedicated nature of some buyers. Still, GameStop shares continued to lose value in after-hours trading, which led to further losses on Wednesday.