GameStop Frees Up 3.5 Million Shares For Sale, Estimated Value Just Below $1 Billion
by Brandon Mumei
GameStop logo
We dine like pigs on the slop and food scraps offered the ever-lifting class escalator’s riders. Those on the rise hope that we never comprehend what they withhold and what we could have as a nation, or world, if truly run by workers. Also, GameStop plans to free up 3.5 million shares for sale at their present, dramatically high market value. The company could reap gains nearing $1 billion.
The common man’s meddling in Wall Street affairs greatly upset the shadow oligarchs juggling the world’s money in the ethereal backstage. Stock trading, or as I call it, fancy gambling, further perturbed the minds of young people when an attempted-short squeeze by a hedge fund was gutted by every-day people headed on a stock enthusiasts forum. The companies stock climbed ridiculously high and because of the agreement the hedge fund made with brokers, they lost billions of dollars as a result.
GameStop filed a motion to the Securities and Exchange Commission Monday announcing they will release up to 3.5 million stocks at their new per-share value (about $166) to free up more capital for the company currently suffocating under giants like Amazon. Amazon and others have been steadily chipping away at GameStop’s market dominance throughout the COVID-19 pandemic, and even before. Had GameStop sold the same quantity of stocks at their value before the surge (about $19), they would be freeing up far less. The company is clearly taking advantage of the viral buy-out from earlier this year.
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