10 Firms Mirror Wall Street Slump on Thursday

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1. GameStop Corp. (NYSE:GME)

GameStop dropped its share prices by 22.11 percent on Thursday as investors resorted to profit-taking following Wednesday’s gains while repositioning portfolios amid the ongoing market uncertainties.

In recent news, GME announced plans to raise as much as $1.3 billion to buy Bitcoin. The company said it would attempt to raise the funds through convertible senior notes offering.

The planned purchase followed a photo of GME CEO Ryan Cohen a month ago with Strategy CEO Michael Saylor on social media X. While the photo did not mention any reason for the meetup, investors were quick to speculate a brewing cryptocurrency strategy between the two companies.

It can be learned that the gaming company had already ventured into cryptocurrency in 2022 with the establishment of a now-defunct cryptocurrency wallet that sent its share prices skyrocketing for days after the launch.

Just recently, reports also surged of GME closing several stores in the US, often with little to no warning. Since 2020 alone, GME has been shutting down more than 700 stores as the COVID-19 pandemic heavily weighed on its profits, further aggravated by a shift in consumption to online sales and video game makers resorting to digital-only access to games.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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