Why GameStop (GME) Stock Is Down Today
Why GameStop (GME) Stock Is Down Today
9 months ago
YahooKayode Omotosho
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GameStop (GME), a struggling brick-and-mortar video game retailer, was heavily shorted by hedge funds (short interest >140% of float), betting on bankruptcy. • Spark: In late 2020/early 2021, Reddit’s r/WallStreetBets (WSB) community, led by user DeepFuckingValue (Roaring Kitty/Keith Gill), identified the massive short squeeze potential and began buying shares and call options. • Price Surge: From ~$17 (Dec 2020) to a peak of $483 pre-split (~$120 adjusted) on Jan 28, 2021—a 2,800% increase in w
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The GameStop (GME) short squeeze of 2021 ushered in a brave new world for everyday investors — the 99 per cent. It was Occupy Wall Street 2.0, and it took place entirely online through social media and DIY trading apps that opened up the guarded world of stock trading to everyone. The new doc 'Wall Street Blues' (now streaming free on CBC Gem) dives into the high drama of early 2021 and the larger story that’s still unfolding — about the revolution in retail investing and personal finance.For a
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