TD Digital’s value rises 30% compared to meme stocks

The meteoric rise in AMTD Digital's value has made it likened by some commentators to meme stocks that gain popularity among retail investors through social media.

The company's shares have been particularly volatile this week, as it's value went above $300 bn on Tuesday.

In Wednesday's trade, it plunged by more than 30%, but that still gave it a higher US market value than Disney.

The statement said the company is monitoring the market closely for any unusual trading activities or abnormalities.

AMTD Digital offers services for online businesses' financial services technology. According to a stock market filing, it had 50 members of staff at the end of February this year.

It makes money by charging fees and commissions for its digital financial services business, which brought in just over $25 m in revenue last year, according to a regulatory filing.

Some commentators have likened the rise in AMTD Digital's value to so-called meme stocks because of the nature of their popularity, trading in meme stocks is often extremely speculative and volatile.

US retailer GamesStop and cinema chain AMC were two of the high profile meme stocks that saw their shares soar last year.

This is a major head-scratcher and shows that the era of meme stocks is not over with a $300 billion market cap, according to Dan Ives, managing director of Wedbush Securities.

In a major risk off market in 2022 it's bewildering that this meme dynamic can still happen, but Wall Street is watching this latest craze, he added.