Meme Stock Rout Slams GameStop, AMC With 60% Drop
- Retail-trader favorites tumble after soaring in 2021 euphoria
- Companies that went public via SPACs also are taking a hit
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Losses are mounting for investors who rode the once-hot trend of piling into stocks being pumped on social media platforms like Twitter and Reddit.
AMC Entertainment Holdings Inc. and GameStop Corp. tumbled Monday, bringing losses over the past two months to more than 50%, as investors dump the formerly high-flying meme stocks and companies that went public by merging with blank-check firms. A basket of 37 meme stocks tracked by Bloomberg fell 2.9% Monday, extending a now seven-day slide that has wiped out 15% of its value.