GameStop shares plunge as retailer plots $1 billion stock sale

GameStop’s stock price tumbled Monday as Reddit’s favorite retailer announced plans to sell up to $1 billion worth of shares while touting increased sales.

The beloved meme stock plunged nearly 11 percent to $170.56 in early trading after it revealed the planned share sale, which will raise money for the video-game chain’s transformation into an e-commerce business. GameStop said it would sell as many as 3.5 million shares in a so-called at-the-market offering that could grow to be 10 times larger than the $100 million sale for which it filed paperwork in December.