Shares of Enhanced Games plunged 52% following the company’s first competitive event in Las Vegas, extending losses to more than 81% over the past 19 days. The company, which promotes performance-enhancing drug use in professional sports, was previously valued at roughly $1.2 billion but now trades near $2.92 per share after investor sentiment deteriorated sharply.
The six-hour event generated widespread attention because athletes were openly permitted to use substances including testosterone, growth hormone, and stimulants. Despite expectations of record-breaking performances, only one world record was reportedly broken during the competition. Sprinter Fred Kerley, who had predicted the fall of Usain Bolt’s 9.58-second benchmark, finished the 100-meter race in 9.97 seconds.
Analysts said weak event performance, reputational risks, and uncertainty around the business model contributed to the rapid collapse in the company’s valuation.
