GameStock’s dizzying Wall Street ride: fast, furious, and now, familiar

GameStop and other meme stocks are roaring once again, surging to dizzying heights suddenly and sharply. Some things are different this time around versus the initial supernova for meme stocks, that shocked Wall Street in 2021. The biggest change is that it all feels a bit familiar now. Experts say that experience, plus some changes in the market, should allow Wall Street to digest more easily the sharp movements. But some things remain firmly the same. Chief among them is the risk of losing everything that accompanies the potential to make fast money playing such volatile stocks.

A post on Reddit late Sunday indicated that Keith Gill, a central character in the original 2021 meme stock crack, had built a sizable stake in GameStop. Shares of GameStop closed up 21% to $28 after jumping above $40 right after the opening of trading. AMC Entertainment, another popular meme stock, rose 11.1%.

If it all sounds familiar, it should. It was just three weeks ago that GameStop shares were soaring on excitement about a post on social media by another account tied to Mr. Gill. At that time, a Twitter account associated with him made its first posting since June 2021, though the gains fizzled relatively quickly.

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