Why is the meme stock craze back? Business News

EEarlier this year, US video game retailer GameStop was the subject of a spectacular stock market frenzy.

Shares of the ailing company, which still primarily sells games through a network of physical stores, have exploded in value from just $ 80million (£ 57.7million) in April 2020 to a peak of 24 billion dollars in January 2021.

There was no compelling real-world business reason for the soaring valuation. Rather, the action was inflated by a community of non-professional traders, helping each other on online chat rooms with funny memes to boost the share price.