WWE Stock Jumps Up Following WallStreetBets Interest

WWE's stock price has been on the rise today following interest from the r/WallStreetBets subreddit.

A trending post on the subreddit spotlighted WWE as a place to invest and squeeze short-sellers, with the resumption of touring, video game sales, talent cuts and rumours of an acquisition being cited as reasons to buy stock options in the company.

Wrestlenomics' Brandon Thurston has been following the situation on Twitter and he noted WWE stock was up 10 percent in premarket trading from $58.15 to a high of $64.19. The share price has only continued to increase since the market opened in the United States and was up 20 percent to $70.41 as of 9:40 am ET.

The price has fluctuated greatly since then, dropping to $65.09 as of 9:58 am ET, but has begun to rise once more and sat at $68.64 as of 10:32 am ET.

WallStreetBets was the subreddit behind the Gamestop short squeeze earlier this year which caused the video game retailer's stock price to dramatically increase from $19 at the beginning of 2021 to highs of $347. The subreddit has also taken an interest in AMC and Blackberry, causing those companies' share prices to spike as well.