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A data breach intended to extort Rockstar Games has had a rather ironic outcome; it’s actually made Take Two Interactive richer.
After demanding $200,000 for stolen data and receiving no payment, the hackers released the information publicly. Rather than causing panic, the leak revealed just how lucrative Rockstar’s franchises, including Grand Theft Auto and Red Dead Redemption, truly are. Investors apparently liked what they saw.
A Billion-Dollar bounce
Take-Two entered Tuesday’s trading session with a market value of $38.03 billion and shares sitting at around $202.26. By 11:45 am ET, the stock had climbed 2.63% to $206.66 per share, a jump that added over $1 billion to the company’s overall valuation.
Room to grow for Take Two
Despite the surge, Take Two’s stock remains roughly 25% below its 52-week high of $264.79. Still, the current price sits nearly $20 above the company’s 52-week low of $187.63, which was recorded back in February following a disappointing earnings report.
For investors navigating a turbulent economic climate, seeing previously hidden financial data reinforce confidence in a major publisher is no small thing. Whether the momentum holds by the end of trading remains to be seen, but for now, the hackers may have done Take Two an accidental favour.
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