GameStop to sell 3.5M shares after stock frenzy boosts price

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer says that it will sell up to 3.5 million of its shares. The announcement sent shares of GameStop, up 850% this year, down 8% at the opening bell Monday. The GameStop saga has been one of the biggest stories on Wall Street this year, initially pitting big hedge funds betting company shares would fall, against an online army of smaller investors who challenged that thinking. So far, the latter has been winning. Yet the GameStop story has veered from what most would consider reality for four months now and it remains to be seen if those smaller investors will continue to pile in.