GME Stock Price: Gamestop sinks further as the Omicron variant makes its way stateside

  • NYSE:GME fell by 8.34% during Wednesday’s trading session.
  • Fidelity angers meme stock investors after a gaff on its platform.
  • Former President Trump’s social media platform misses a major product deadline.

NYSE:GME continued to slump on Wednesday, but it certainly wasn’t the only stock on the market that was having a down day. Shares of GameStop tumbled by 8.34% to close the volatile trading day at $179.84. With the losses, GameStop has now failed to hold both the 50-day and 200-day moving averages, which means the stock is officially on a bearish downtrend. It was a roller coaster of a day for the broader markets, which looked as though they would rally from the sell-off on Tuesday. It was smooth sailing until the CDC announced it had discovered its first official case of the Omicron variant in California, at which point all three major indices took a turn for the worse.

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Popular investment platform Fidelity felt the ire of Reddit traders after mistakenly listing millions of GameStop shares available to short on Tuesday. Traders on Reddit accused Fidelity of causing a 3% decline in GameStop’s stock price during Tuesday’s session, with one angry poster calling it a ‘$2.2 billion oopsie’. Fidelity has since apologized via its social media accounts and has returned the number of shares to the correct figure on its platform.

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In other meme stock news, Digital World Acquisition Corporation (NASDAQ:DWAC) was back in the headlines. The stock is the SPAC company for former President Trump’s social media platform called Truth Social, which made headlines by rising over 1,000% in a matter of days earlier this year. On Wednesday, Truth Social evidently missed one of its key product deliverable deadlines, which may push back the release of the platform further into 2022. In a counterintuitive way that seems to only happen with meme stocks, shares of DWAC were up 7.15% during Wednesday’s session.

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