Speculative trading includes GameStopAnd AMC EntertainmentWe were hard hit by Monday’s market selloff. Investors dumped potentially risky names of memes after a turbulent year.

GameStop — once at the center of the meme stock mania, tumbled more than 12% during midday trading — bringing its month-to-date losses to nearly 29%. AMC shares fell 17%, bringing its monthly loss to more than 32%. Bed Bath & Beyond dropped 6.3%.

Reddit’s WallStretBets chatroom had a lot of popularity, but other names suffered steep losses in this month’s overall volatility and risk-off sentiment. Clover Health and BlackBerry have plunged 16%And 10% in December, respectively.

However, Monday’s selloff didn’t stop the meteoric rally of meme stocks this year. AMC shares have risen more than 97% over the past year and GameStop’s rally in 2021 has been more than 63%. The rally has pushed GameStop to the Russell 1000 Index of large-cap stocks from the small-cap Russell 2000.

A group of traders from retail managed trades via social media earlier this year and created huge profits in several stocks that were heavily undervalued. These names are now seeing a dramatic drop in short interest after this jaw-dropping incident.

AMC shares dropped 7% Friday after the announcement. CEO Adam Aron and CFO Sean Goodman sold significant portions of the stock.

A sign investors may lose patience is the year-end sale. AMC and GameStop failed to deliver on their turnaround plans. GameStop is trying to become a more e-commerce-oriented retailer as it attempts to transition from a brick-and mortar chain. tapped a slate of new leaders — including former Amazon executives Matthew Furlong and Mike Recupero as CEO and COO, respectively.

GameStop’s newly appointed leaders, however, have not shared any information about their turnaround strategy or an outlook.