WWE have become the latest company to be targeted as meme stock by r/WallStreetBets subreddit.
This interest caused WWE’s stock price to jump 20% before falling back slightly.
WWE was highlighted by a trending post on the subreddit as a place to invest for three key reasons. Mainly that the company is set to resume touring in the coming weeks, video games sales and recent talent cuts.
The company saw a rise in stock price in premarket trading of 10%, which rose to 17% shortly after trading began. The price continued to rise, peaking with an increase of 20%, equating to a price of $70.72.
However, the price has sunk back slightly, closing at $64.48.
Brandon Thurston of Wrestlenomics followed the action posting updates to Twitter. Thurston noted that with the rise, Vince McMahon’s stock is currently worth almost $300 million more than it was yesterday.
Who knows where this is going, but for those who love this stat…
With WWE stock up 16% currently, the market value of Vince McMahon's ownership (nearly 29 million shares) is currently almost $300 million more valuable than it was yesterday.
— Brandon Thurston (@BrandonThurston) June 9, 2021
WWE is the latest in a growing list of company’s to be targeted as meme stock, with WallStreetBets also behind the GameStop short squeeze earlier in 2021. This caused the company’s stock price to jump from $17 to an intraday high of $483.
The latest round of WWE releases, including the likes of Braun Strowman and Aleister Black sparked speculation that the company may soon be up for sale.
Reflecting on the releases, Bryan Alvarez noted that there are a lot of people within WWE who believe that the cuts are linked to the company being sold.
However, Thurston poured cold water on the speculation after revealing that he had spoken to several investors.