Cybersecurity
McAfee's New Company Is Up 600% — Despite Today's Plunge
- Anti-virus software pioneer named chairman and CEO on May 9
- Short interest in the company at the highest since August
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To put it mildly, the hiring of John McAfee has been a boon to anyone who happened to own MGT Capital Investments Inc., an obscure penny stock that has surged sevenfold in two weeks. That’s counting its plunge today.
Since May 9, when McAfee was named chief executive officer ostensibly to oversee the mobile-gaming company’s move into cybersecurity, MGT’s stock has increased almost 600 percent. Volume has jumped sixfold and the market value surged to about $80 million from $6 million -- for a company that has reported losses every year since at least 2001.