Skillz sinks after Thursday's meme-like spike

ReutersApr 24, 2026 12:36 PM

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Mobile gaming platform Skillz SKLZ.N shares down 30% premarket to $8.71, a day after they more than tripled

SKLZ shares spiked more than fivefold before finishing up 238% at $12.45 on Thursday after rival Papaya Gaming Ltd was found liable for false advertising and ordered by a Manhattan federal court jury to pay $420 mln in damages to Skillz

Las Vegas, Nevada-based Skillz accused Papaya of using bots in certain games and tournaments, and claimed Papaya falsely advertised them as "skill-based" competition between humans

About 31 mln SKLZ shares exchanged hands on Thursday, double co's total shares outstanding

Skillz joins the likes of Avis Budget CAR.O, which has zoomed amid a short squeeze, and follows last week's eye-popping rally in stock of Allbirds BIRD.O in a sign that another meme-stock season is just getting started

Nearly 16% of Skillz's free float is shorted as of Thursday, according to Ortex data

SKLZ currently among top-watched tickers on retail investor forum Stocktwits

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