GME Soars 20% After Announcing Stock Split

After first Amazon, then Tesla saw their stock prices surge in recent weeks following stock split announcements – which incidentally do absolutely nothing for the intrinsic value of the actual company and merely demonstrate just how broken the market is  – moments ago the original meme stonk, Gamestop, decided to squeeze shorts for the second time in the past two weeks…

GME squeezing

— zerohedge (@zerohedge) March 22, 2022

… the first time coming right around the time novelty chairman Ryan Cohen bought 100,000 shares a week ago…

I put my money where my mouth is

— Ryan Cohen (@ryancohen) March 22, 2022

… when the retailer (whose core business is more or less worthless) announced it plans to implement a stock split through a dividend, a brilliant ruse by the management team which is far more focused on financial engineering and how to create stock squeezes than actually running the mostly worthless company.

Specifically, GME said it looks to boost the number of authorized shares to 1 billion from 300 million, and since that means that the average price per share will drop by 3.333 – which will somehow make the stock cheaper or more appetizing to the apes – GME stock is up about 20% after hours…

… and adding to the idiocy, its meme stock comp, AMC, is also up about 10% after hours because this is clearly the dumbest of all timelines.