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The sale of the South Korean asset manager comes after the shares rose 788% through Wednesday.
Eric Broder Van Dyke / Dreamstime.com
GameStop
disclosed in a filing with regulators on Thursday that MUST Asset Management, a major shareholder in the company, sold all of its stake in the company.
The sale of the South Korean asset manager comes after shares rose 788% through Wednesday, driven by swarms of individual investors targeting the video game retailer’s heavily sold shares.
GameStop (ticker: GME) shares fell sharply on Thursday, down about 43% by midday. Robinhood, a free stock trading app that individual investors have used to buy GameStop shares, said on Thursday that he is restricting the trading of certain stocks that were also targeted by Reddit message board users to allow users close positions.
In his statement, Robinhood said that the new restrictions apply to the actions of
American Airlines
(AAL),
AMC Entertainment
(AMC),
Blackberry
(BB),
Bed Bath & Beyond
(BBB),
Express
(EXPR),
Koss
(KOSS),
Naked brand group
(NAKD), and
Nokia
(NOK). Other brokers have also imposed restrictions on some of the stocks impacted by a large flow of individual investors.
Write to Ben Walsh at [email protected]