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The South Korean asset manager’s sale comes after shares rose 788% to Wednesday.
Eric Broder Van Dyke / Dreamstime.com
GameStop
revealed on Thursday in a statement to regulators that MUST Asset Management, a major shareholder in the company, has sold its entire stake in the company.
The South Korean asset manager’s sell-off comes after shares rose 788% to Wednesday, driven by swarms of individual investors targeting the very small shares of the video game retailer.
Shares of GameStop (ticker: GME) fell sharply on Thursday, falling about 43% at noon. Robinhood, a free stock trading app that individual investors have used to buy GameStop shares, said Thursday that it restricted trading in certain stocks that have also been targeted by Reddit message board users to allow users to only close positions.
In his statement, Robinhood said the new restrictions apply to the actions of
American Airlines
(AAL),
AMC Entertainment
(AMC),
BlackBerry
(BB),
Bed Bath & Beyond
(BBB),
Express
(EXPR),
Koss
(KOSS),
Group of naked brands
(NAKD), i
Nokia
(NOK). Other brokers have also placed restrictions on some of the shares affected by a large influx of individual investors.
Write to Ben Walsh to [email protected]