Clubhouse Media Group Inc (OTCMKTS:CMGR) Stock Extends Fall: Down 11% in a Week

The influencer based media industry has grown at a remarkable rate in the past few years and Clubhouse Media Group Inc (OTCMKTS:CMGR) is perhaps one of the better known players in the industry.

However, in recent times the Clubhouse Media stock has not performed well and the situation remained the same on Wednesday. Yesterday, the stock tanked by 4% as the selloff continued and that took its decline over the course of the past week to as much as 11%. The company boasts of massive global reach through social media and has a staggering 400 million combined followers at this point in time.

Yesterday, Clubhouse Media announced that racecar driver Lindsay Brewer became the latest promotional ambassador for the company’s new digital platform named HoneyDrip.Com. HoneyDrip is an innovative platform that is aimed at helping creators in monetising the content that they product.

It should also be noted that Brewer is a shareholder in the company and yesterday, she stated that she was excited to be the ambassador for the new platform. It is now going to be interesting to see if the Clubhouse Media stock can make a recover over the course of the coming days.