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GameStop Shares Surge 71.8% on Monday
Company's Stock Rises After Meme Account Marks Trading
GameStop Corp. (NYSE: GME) shares surged 71.8% on Monday after the account run by Gill shared a meme on X marking. In mid-morning trading, GameStop was up 8.6% at 32.50 after soaring as high as 38.20 intraday.
The surge in GameStop's stock price comes after the company announced a partnership with Microsoft Corp. (NASDAQ: MSFT) to advance GameStop's key strategic pillars and unlock new opportunities for growth.
The partnership is a major blow to Microsoft's $69 billion bid for Activision Blizzard Inc. (NASDAQ: ATVI). If the deal goes through, it would create the world's third-largest gaming company.
However, the deal is facing regulatory scrutiny from the U.S. Federal Trade Commission (FTC). The FTC is concerned that the deal would give Microsoft too much control over the gaming industry.
The surge in GameStop's stock price is a sign that investors are betting that the company will be able to benefit from the regulatory scrutiny of Microsoft's Activision Blizzard deal.
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