Why AMTD Idea Group Is Tumbling Again Today
Shares of AMTD Idea Group (NYSE: AMTD) are still discovering gravity as the meme stock burns up on reentry from the stratosphere. Shares are tumbling 16.5% at 10:58 a.m. ET on Monday morning, continuing the plunge that began last week.
The Hong Kong–based company rocketed to fame on the success of one of its subsidiaries, another meme stock extraordinaire, AMTD Digital (NYSE: HKD), which went public in mid-July and saw its shares soar 1,000% as chatter from the WallStreetBets crowd on Reddit drove the stock higher.
AMTD Idea's own stock went from around $2 a share to almost $13 a share at the same time, but at $3.91 a stub, it's on track to make the full round trip in record time.
Source Fool.com
