Published Jan. 28, 2021Updated Jan. 30, 2021
A day after GameStop shares rose 135 percent a wild upswing spurred by an online army of investors on a mission to challenge the dominance of Wall Street Robinhood, the stock-trading app at the center of it all, clamped down.
Almost immediately, GameStop’s shares plunged, falling 75 percent in 90 minutes.
The limits on trading by Robinhood and other online brokerages, put in place as fears of market instability grew more widespread, set off a furious outcry among small investors. They claimed that the very apps that had democratized trading Robinhood in particular were now doing the bidding of Wall Street.
Pandemic Paved the Way for Sim Racing, but Will It Last?
Nearly a year into the experiment, digital racing appears to be paying off for fans, race teams and even tracks.
Jeff Gordon, the NASCAR Hall of Famer, was the driver for the virtual No. 24 car in May in the eNASCAR iRacing Pro Invitational Series North Wilkesboro 160.Credit.Chris Graythen/Getty Images
By Roy Furchgott
It takes more than gasoline to make a racecar run.
It requires money. And money requires sponsors. And sponsors require spectators who they hope will become customers. Which became a problem for motorsports when Covid-19 shut down tracks worldwide early last year. The cash drought put teams, tracks and race series in danger of extinction.