What happened Shares of AMTD Idea Group (NYSE: AMTD) are still discovering gravity as the meme stock burns up on reentry from the stratosphere. Shares are tumbling 16.5% at 10:58 a.m. ET on Monday morning, continuing the plunge that began last week. The Hong Kong–based company rocketed to fame on the success of one of its subsidiaries, another meme stock extraordinaire, AMTD Digital (NYSE: HKD), which went public in mid-July and saw its shares soar 1,000% as chatter from the WallStreetBets crowd on Reddit drove the stock higher. AMTD Idea's own stock went from around $2 a share to almost $13 a share at the same time, but at $3.91 a stub, it's on track to make the full round trip in record time. So what There was never any reason for either stock to make the kind of moves it did, valuing the respective companies as it did, putting them among the most expensive stocks on the New York Stock Exchange. Even now its $1.6 billion valuation puts it ahead of many other companies on the NYSE with a better track record and financial position such as 3D Systems, Fiverr, or Warby Parker. AMTD Digital was an even worse case, as its half-trillion-dollar valuation -- yes, trillion -- was among the top 10 of all stocks, behind the likes of Apple and Microsoft. Now what Both stocks still trade well above their starting points. AMTD Digital is still up 4,300%, despite having shed over three-quarters of its value. What this does show, though, is the growing power of the retail investor to move stocks beyond all sense. While early investors in these names are sitting on hefty profits, many more are nursing serious losses. 10 stocks we like better than AMTD International IncWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and AMTD International Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of July 27, 2022 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Fiverr International, and Microsoft. The Motley Fool recommends 3D Systems and recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy.Source