The White House monitors GameStop situation, while Blockbuster gains momentum


By now, most people are aware of the series of events leading up to the rise of GameStop's stocks. In one of the most unexpected developments of 2021, the surge in GameStops's stocks has left the world baffled and sent the Internet into a meme frenzy.

GameStop stocks remained at a nominal price of $38.50 each as of January 21st, 2021. This was despite a gentle rise in Gamestop's stocks during the 2nd half of 2020, driven by a new Microsoft partnership and financial gains over the holiday season,

What started as a taunt from Wall Street ended up surging GameStop's stock, which reach a staggering $347.51 per share.

GameStop Stock Price Rise (Image Via Google)
GameStop Stock Price Rise (Image Via Google)

The White House steps in

The sudden surge was fueled largely by the Wall Street bets subreddit. Redditors stepped in to save a dying business and help inject some much-needed value.

Following the series of events, The White House has now stepped in and stated that it will be closely monitoring the "GameStop Reddit situation" as the company's stock prices continue to soar. As far as anyone can tell, Reddit is at war with Wall Street and will be for some time.

Jen Psaki, Press Secretary for the White House, had this to say about the GameStop issue:

"Our team, our economic team, including Secretary [Janet] Yellen and others, are monitoring the situation. It’s a good reminder though that the stock market isn’t the only measure of the health of our economy. It doesn’t reflect how middle- and working-class families are doing."

Blockbuster blows minds

In another development, Blockbuster's stock surged over 6060% in the last five days despite being bankrupt for nearly 11 years and having only one remaining brick and motor location in the US. BB Liquidating Inc. enjoyed a spike of 774% on Tuesday alone.

On January 2nd, 2021, shares worth a mere $0.0033. However, on Tuesday, the shares were worth $0.20. Despite the massive surge, the value of the shares is minuscule.

The surge is likely to go nowhere as the market value is beyond repair. It will be nearly impossible to restore Blockbuster to its former glory.

Blockbuster Stock Price Rise (Image Via Google)
Blockbuster Stock Price Rise (Image Via Google)

At the moment, stocks have dropped to a mere $0.11. This serves as a reminder as to how volatile and fickle the stock market is. Things seem to be quietening down now, and no further developments are likely to occur anytime soon.

Edited by suwaidfazal
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