- NASDAQ:BBIG gained 6.83% on Thursday and outpaced the broader markets.
- Meme stocks bounced back after a sluggish start to the week.
- Emmersive Entertainment and rapper Tory Lanez are under fire from social media.
NASDAQ:BBIG turned the tide on Thursday as the blockchain-based company snapped its recent cold streak. Shares of BBIG jumped higher by 6.83% and closed the trading session at $6.41. The move higher erased most of the losses from the past couple of days, and came amidst yet another volatile day for the broader markets. The Dow Jones was slammed again on Thursday as the blue-chip index fell by 546 basis points. The S&P 500 and NASDAQ also closed lower as September comes to a close. The month was the worst for the S&P 500 since March of 2020 when the COVID-19 pandemic temporarily sent the global markets into a recession.
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Vinco Ventures was not the only meme stock on the rise Thursday. AMC (NYSE:AMC) surged higher by 7.09% during the session, while other stocks like SmileDirectClub (NASDAQ:SDC) and Sundial Growers (NASDAQ:SNDL) were also trading higher. Meanwhile GameStop (NYSE:GME) and ContextLogic (NASDAQ:WISH) were among meme stock losers during the session. The entire sector seems to still be searching for direction, as daily trading volumes continue to tumble following the short squeeze of AMC in June.
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There has been some controversy for Vinco Ventures on social media as its subsidiary Emmersive Entertainment and rapper Tory Lanez are under fire for his recently released NFT album. Many fans have complained about the additional costs that Emmersive’s E-NFT.com site charges per purchase, and many have also found issues with the actual music itself. Tory Lanez has been adamant that the NFTs have been reselling for tens of thousands of dollars, but frustrated customers seem to have a different opinion of this.
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