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Ryan Cohen Ice Cream Cone - Did one tweet double GameStop's stock price?

It's the year 2021 and tweets are swaying stock markets.

February 25, 2021

If you have been following the stock market or the gaming industry recently, you might be well aware of the GameStop stock frenzy. The stock went up as high as $350 last month, which is almost a hundred times the price it was trading for during the pandemic. After the hype subsided, the stock plummeted to as low as $50, but it is on its way up again, and many believe it’s due to a tweet by Ryan Cohen.

For those who are unaware, Ryan Cohen became a member of GameStop’s board of directors at the start of the year. Today, he tweeted an image of a McDonald’s ice cream cone, and soon after that, we witnessed a two-fold increase in the stock price of the company. For the record, GameStop’s stock has been quite stable for quite a few days now. Within an hour of the tweet, the stock price jumped from $50 to over $90.

DUALSHOCKERS VIDEO OF THE DAY

https://twitter.com/ryancohen/status/1364650709669601289?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1364650709669601289%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fkotaku.com%2Fajax%2Finset%2Fiframe%3Fid%3Dtwitter-1364650709669601289autosize%3D1

This even led to trading being halted twice before the end of the day. To no surprise, the WallStreetBets subreddit is flooding with posts once again. There have been numerous posts with users stating that they will not sell their stock and hold it even further citing that it could have long-term potential.

The exact reason for the jump is pretty much unknown. Some state that this is a direct result of GameStop’s chief financial officer resigning next month and the ice cream cone tweet was a mere coincidence. Others firmly believe that Ryan’s tweet is the reason for the stock’s jump. Ryan has quite a huge fan following on WallStreetBets, so it might be very much possible that an ice-cream cone is swaying the market. Considering how the entire GameStop situation escalated, to begin with, and how Elon Musk has been able to turn the tides of the cryptocurrency market with his tweets, this might be very much possible. For now, it will be interesting to see whether the stock continues to rise or a correction is on the way.

 

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Md Armughanuddin
@armughanuddin

Md (He/Him) is the Head of Content- India for DualShockers. He is pursuing Computer Science Engineering and is really passionate about gaming and technology. You can find him cracking complex coding problems during the day, and covering the latest happenings in the industry at night.

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