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GameStop stock slides 23% after announcing strategy shift and plans to buy $1.3 billion worth of Bitcoin

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The company said Tuesday its board voted unanimously to raise $1.3 billion to purchase Bitcoin, while simultaneously closing a "significant number" of retail stores. Although the news was greeted with a 14% same-day stock bump,
GameStop's stock experienced a significant decline of 23% following the announcement of a strategic shift towards becoming a technology company, which includes plans to invest $1.3 billion in Bitcoin. This move is part of a broader transformation aimed at diversifying revenue streams beyond traditional retail. The company also reported a net loss of $3.7 million for the third quarter, despite a slight increase in sales. The decision to invest heavily in cryptocurrency reflects GameStop's attempt to adapt to new market trends and potentially capitalize on the growing interest in digital assets. However, this pivot has introduced considerable volatility in its stock price, reflecting investor uncertainty about the long-term viability of this strategy.

Read the Full Fortune Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/gamestop-stock-slides-23-after-announcing-strategy-shift-and-plans-to-buy-1-3-billion-worth-of-bitcoin/ar-AA1BMTaM ]