How Chaotic Redditors Made GameStop Stock Skyrocket (and Made Short Sellers Cry)

How Chaotic Redditors Made GameStop Stock Skyrocket (and Made Short Sellers Cry)

3 years ago
Anonymous $y15ULlV7sG

https://www.vice.com/en_us/article/qjpx8w/how-chaotic-redditors-made-gamestop-stock-skyrocket-and-made-short-sellers-cry

GameStop is a company on the brink. In August 2020, its stock was in the toilet and trading at around $4 a share. Today, the stock is worth ten times that amount. Much of that rise occurred last week. Why? A subreddit that describes itself as ‘4chan with a Bloomberg terminal' is buying shares to drive up the price.

The story of GameStop stock, which uses the ticker "GME," has gone viral on Reddit and TikTok and in various finance communities. This is for good reason: The story is crazy, and lots of Redditors just got rich at the expense of institutional investors who had been betting on the company to fail.

How Chaotic Redditors Made GameStop Stock Skyrocket (and Made Short Sellers Cry)

Jan 19, 2021, 9:21pm UTC
https://www.vice.com/en_us/article/qjpx8w/how-chaotic-redditors-made-gamestop-stock-skyrocket-and-made-short-sellers-cry > GameStop is a company on the brink. In August 2020, its stock was in the toilet and trading at around $4 a share. Today, the stock is worth ten times that amount. Much of that rise occurred last week. Why? A subreddit that describes itself as ‘4chan with a Bloomberg terminal' is buying shares to drive up the price. > The story of GameStop stock, which uses the ticker "GME," has gone viral on Reddit and TikTok and in various finance communities. This is for good reason: The story is crazy, and lots of Redditors just got rich at the expense of institutional investors who had been betting on the company to fail.