Tupperware meme stock frenzy continues

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Tupperware meme stock frenzy continues

CatherineGunter
2023-10-12

$Tupperware(TUP)$ shares have skyrocketed nearly 50% as the latest meme stock rally has been undeterred by the departure of Richard Goudis, its executive vice chair.

The stock gained nearly 24% on Tuesday after the company announced in a filing that Goudis also plans to resign as a director of Tupperware's board. The company said the decision was not tied to any disagreement.

The stock closed Monday at $1.17 per share and had reached $2.19 by noon Wednesday.

The frenzy didn’t start this week, though. In July, shares of the food-storage container producer surged 434% on no apparent news.

In fact, the company issued a going-concern warning back in April, signaling to investors that it could go bust.

Investors seem to have other plans.

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