GameStop has $11bn wiped off value in wild day of trading

GameStop stock saw $11bn (£8bn) wiped off its share price during a wild day of trading after the Robinhood app restricted Reddit-inspired investors.

The volatility of the video game retailer’s stock and the role of online trading platforms will now be the subject of investigations by lawmakers in both the House and Senate.

GameStop’s stock price opened the day at $350, spiked to $469, plunged down to $115, before climbing back up and ending the day at $193.60, an overall loss of 44 per cent.

The company’s stock has been the subject of massive online investment spurred by the Reddit group WallStreetBets, that has seen it increase by nearly 2,000 per cent.