GameStop shares will soon lose three quarters of their value. But don't worry: It's good news for stockholders.
The company announced Wednesday that its board approved a 4-for-1 stock split, effective July 22. Shares of the meme stock darling soared more than 8% in early trading following the news.GameStop shares have fallen back to Earth following a Reddit-fueled spike last year. The stock is down about 16% this year, mirroring the broader market sell off.
The growth of zero-fee trading apps, including Robinhood, E-Trade and others, have helped made stock splits more attractive in recent years.Several Big Tech companies also have recently announced stock splits to help boost affordability. Amazon's 20-for-1 split went into effect in June. Alphabet, which owns Google, also recently announced a 20-for-1 split. And Tesla announced a 3-for-1 split in June.GameStop, like other meme stocks, is having a rough 2022.
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