NASA’s Perseverance Rover located the now abandoned landing site for GameStop’s (NYSE: GME) stock price on the surface of Mars earlier today. The site was originally planned for GameStop’s stock price to land at a location a little more than $1,000/share before the ill-fated mission was halted by hedge fund linked retail brokerages including Robinhood. The unused site is planned to be repurposed for an upcoming SPAC rally expected later in the year.
“It’s always disappointing to see evidence of what could have been,” said NASA Chief Scientist Laura Saunders, “but having the site be discovered by Perseverance just goes to show you that humanity doesn’t give up. We will keep sending robots, stocks, and memes to Mars and beyond.”
GameStop investors had put a tremendous amount of faith in the stock price reaching Mars early on in 2021. The initial January trajectory was promising as many new investors placed their stimulus checks into the company, pushing the stock past the Moon and almost halfway to the red planet. However, tragedy struck the stock in late January when Robinhood and other retail brokerages put a “totally legal” and “totally ethical” halt on buying the stock to protect hedge fund short positions from crashing.
The purchasing halt worked as expected and GameStop’s stock price stalled-out, then quickly pulled back into earth’s gravitational field, where it remains today – stuck in orbit approximately $40 above the earth’s surface. GameStop mission manager Keith Gill was forced to testify to congress regarding the mission failure, and the investigation into the disaster has continued in the House Committee on Financial Services.
Some GameStop investors still hold out hope that the failed mission could be revived, and the stock price could power back on and once again leave earth’s orbit. However, most analysts believe that a second Mars approach by GameStop’s stock price is highly unlikely given the meme’s age and loss of interest among the fickle attitudes of Wall Street Bets.
