Take-Two Interactive has seen over half of a billion dollars wiped off its market cap after the huge GTA 6 leaks over the weekend.
Take-Two Interactive is the holding company which owns the publishing label Rockstar Games.
It was the story of the weekend, with Grand Theft Auto 6 leaks spreading across the internet. One hacker had set the internet on fire with many gamers looking for these behind-the-scenes videos of gameplay.
While the footage shown was all in development, it was the first taste most people have had of a new GTA since the release of Grand Theft Auto V back in 2013. Mostly, the consensus was mixed despite the footage being early in development.
Take-Two Stock Share Price Falls Following GTA 6 Leak
The Take-Two Interactive share price has seen a loss of 2.5% upon the Nasdaq opening today, since the last close on September 16th, 2022. This is equivalent to $510 million of the company valuation.
Despite the losses, it could have been far worse, although the true cost of the leak is not yet fully understood.
Not only did “teapotuberhacker”, the username the hacker goes by, share leaks. They also reportedly have the source code for GTA VI. The source code could make hacking and cheating easier when the game finally releases.
The GTA series, as well as Take-Two Interactive itself, will unlikely see much loss long-term.
The community seems somewhat buoyed to see GTA 6 so far along in development, with hopes the events over the weekend won’t cause too much disruption to development or release schedules.
After reporting a drop in fiscal earnings for the first quarter of 2022, Take-Two Interactive saw a 30% decline in stock prices in May. While it did rise again, it didn’t see the same heights as it did in early 2022.
The Grand Theft Auto series is a huge success, with GTA V itself earning Take-Two Interactive profits of $6 billion.