GameStop Plummets 30%... Yellen to Hold Response Meeting Today

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The stock price of GameStop, which had surged thanks to purchases by individual investors, has fallen again by 30%, plummeting to the $60 level. The decline widened so much that the rebound from the previous day seemed meaningless. U.S. authorities are holding a meeting attended by Treasury Secretary Janet Yellen to discuss the issue of GameStop's volatile stock price.

As of 11:28 a.m. local time on the 4th, GameStop's stock price on the New York Stock Exchange was trading at $64.49, down 30.22% from the previous day.

GameStop's stock price started weak that day and began to fall more sharply after 10 a.m.

This is the first time since the 25th that GameStop's stock price has dropped to the $60 range. On the 27th, GameStop's closing price reached $347.51. On the 28th, it soared to as high as $483 during trading hours.

Stocks that individual investors had been buying heavily also showed declines. AMC's stock price was down 14%, and KOSS fell by as much as 20%.

On the same day, U.S. Treasury Secretary Janet Yellen convened a response meeting regarding the sharp fluctuations in GameStop's stock price. The meeting included the Federal Reserve (Fed), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Reserve Bank of New York. They are expected to discuss issues such as short selling during the GameStop price surge and restrictions on stock purchases through the Robinhood app.

One foreign media outlet reported that Secretary Yellen is presiding over this meeting while consulting lawyers regarding the large speaking fees she received from Citadel Research, a hedge fund that engaged in short selling GameStop.

This content was produced with the assistance of AI translation services.