GameStop shares climb back above $100 but Reddit investors still out billions

GameStop's stock price gyrated on Wednesday, climbing back above $100. That was after starting the day with a dip, that left the shares, which had been the hottest stock on Wall Street last week, well below they're week-ago highs. The dip suggests that the popular WallStreetBets Reddit stock market discussion board that has helped drive the run-up may be losing its magic to move the market.

The GameStop tumble followed a large reduction in short interest on the stock, which measures how many of the company's shares have been borrowed to sell. Many had pointed to that previously high level of short interest, and the fact that hedge funds and others betting against the video game retailer had been squeezed, as a reason GameStop's shares had soared.

GameStop shares were trading at $102, up 13%, shortly after 2:30 P.M. Eastern Time. The stock price had been as high as $483 only last Thursday — a plunge of 80% in less than a week.