GameStop (GME) shares were up as much as 75% in the pre-market after a stunning spike of 104% on Wednesday. Those watching yesterday's rally in the last hour of trading wondered if an afternoon tweet from board member Ryan Cohen was one of the catalysts for the unexpected spike.
GameStop shares were at the center of a massive short squeeze in January fueled by Redditors who drove up prices as high as $483 each as some hedge funds and other short sellers were forced to cover their positions.
The GameStop saga was recently the focus of a congressional hearing where RobinHood CEO Vlad Tenev denied any collusion with hedge funds to disable buying of the video game retailer shares in order to stop the frenzy. The brokerage firm had restricted buying the stock on January 28. That day shares began plunging.The declines continued as restrictions were eased in the days that followed.