GME has struggled in recent weeks, accumulating losses of 50% since the June peak. Here's how they end", "Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment", "GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist", "Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon", "Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys", https://en.wikipedia.org/w/index.php?title=GameStop_short_squeeze&oldid=1150240747. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. Some of the Wallstreetbets posters seem to understand that targeting it, and buying up the stock as a group of individual. [20], On January 27, 2021, technology news website Mashable reported that the subreddit had broken pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours. [9] In a CNBC interview, billionaire investor and hedge fund manager Leon Cooperman angrily criticized the Reddit users' market behavior, calling it a result of the federal response to the pandemic and stating that it would "end in tears" for the retail investors. Canada - English. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. So, as long as management can provide some results, then we should be good. (2023). [57][58][59] The DTCC, for instance, increased the total industrywide collateral requirements from $26 billion to $33.5 billion,[63] noting that the large trading volumes in specific stocks "generated substantial risk exposures at firms that clear these trades []particularly if the clearing member or its clients are predominantly on one side of the market". Ehsan-Ul Haq, Gareth Tyson, Tristan Braud and Pan Hui. [97][98] Melvin ultimately shut down on May 18, 2022. GameStop was the most shorted stock on Wall Street in early January. r/wallstreetbets might be the star of the moment, but they walk in the footsteps . It will be ugly, and everyone will mock me as usual, but I expect GME to bounce back just as it did after the two previous earnings readouts. [261] Separately, Metro-Goldwyn-Mayer (MGM) acquired the rights to make its own movie based on Ben Mezrich's book proposal The Antisocial Network, aimed at chronicling the recent events on Wall Street. He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house. Dude everyone thinks I'm crazy, and I think everyone else is crazy. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. [226] Palihapitiya, who passed on early investment opportunities in Robinhood, opined that the founding co-CEOs, Baiju Bhatt and Vladimir Tenev, lacked integrity and urged his followers to delete the app. [88], By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments. [199][200][201], In June 2022, a 140-page report[202] released by the United States House Committee on Financial Services called for the Securities and Exchange Commission and the Financial Industry Regulatory Authority to craft new rules to address market risks highlighted by the events of January 2021, including a liquidity rule and framework governing liquidity planning for clearing brokers.[203]. [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? [183], A Robinhood customer filed a class-action lawsuit against the company on January 28, 2021, for halting trading on GameStop. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment. Updated: 29 Jan 2021, 04:34 PM IST Mobis Philipose. This squeeze led to the share price reaching an all-time intraday high of US$483 on January 28, 2021 on the NYSE. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise. This page was last edited on 17 April 2023, at 01:45. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[229] and called the situation "an uprising". . [24][101] In an interview, he claimed that the company had covered the majority of its short positions in the range of $90 per share at a loss of 100 percent, retaining a small, manageable position. Earlier that day the share price had soared to nearly $350 (250) - 100 times more than this time . At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over US$500 per share ($125 split-adjusted), nearly 30 times the $17.25 valuation at the beginning of the month. GME shares currently have a short interest ratio of 10.0. Why? The suit alleges Gill misrepresented himself as an amateur investor to inflate the stock price. [71] The short squeezed securities' prices continued to decline during the week. A Comparative Analysis of New Users on WallstreetBets During the Gamestop Short-squeeze. [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. 8 min read . [82], On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering worth up to $1 billion. [43][44] According to Bloomberg, U.S. trading volumes (by share count) on January 27 exceeded the peak set in October 2008 during the financial crisis, and was the third-highest in dollar terms within the last 13 years on record. 4,273 Jobs. As of Jan. 28, the companies with the highest short interest are: The changes in price were primarily the result of a short squeeze rather than the improved financial performance of GameStop. [179][180] Representatives focused their attention on Robinhood's role in the event, asking Tenev why the brokerage had limited the trading of some securities and if it had clearly communicated its business model to its customers. [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. [248], Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities. [17][18][19] Gill, a 34-year-old marketing professional and Chartered Financial Analyst (CFA) from Massachusetts, stated that he began investing in GameStop during the summer of 2019, after believing the stock to be undervalued. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. [46] On that day, GameStop's total market cap reached $33.7 billion which made it temporarily the highest valued company on the Russell 2000 index. [155], Following the stock market surge, futures for silver began to rapidly increase as well,[156][157] although later news reports clarified that it was unclear who was behind the rise. It opened that day at $42.59 a share and closed at $65.01. [47], According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher. The community is known for discussion around meme stocks and high-risk stock transactions. and Kerckhoven, S.V. [81] On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities. GameStop short squeeze round 2 while the banks and hedge funds go bankrupt sounds about right. [21] r/wallstreetbets was the fastest-growing subreddit at the time the community surged by more than 1.5 million users overnight (to a total of 6 million members) on January 29. [188][189][190] Similarly, a man in Colorado filed a federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which he was essentially forced to sale his equities at a drastically reduced position given the new market condition set by these supposedly neutral brokerage houses, taking significant losses and being incapable of trading in these publicly held equities that he had performed significant due diligence and research on, and relied upon over the course of his job as a day trader. On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering. The GameStop short squeeze story is headed to the big screen in 2023. A short interest ratio of 10 or greater indicates strong pessimism about a stock. They also questioned whether Robinhood was encouraging its customers to take excessive risks in order to generate a profit and whether it had the appropriate infrastructure and funding to handle influxes of new clients. Those include American Airlines and AMC-the latter of which has even been mentioned by Redditors. This is unacceptable. [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. [99][100], According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss. #DeleteRobinhood", "Elon Musk lashes out at short sellers during GameStop market war", "Ja Rule, a Robinhood User Since 2014, Calls GameStop an 'Uprising', "Jon Stewart joins Twitter and defends the Redditors", "Jimmy Kimmel deletes tweet suggesting Jon Stewart sounded like Trump by backing GameStop traders", "Jimmy Kimmel Sparks Anger For Calling Reddit Investors 'Russian Disruptors', "Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising", "Mark Cuban, Dave Portnoy, AOC and others react to Robinhood restricting trades on GameStop and AMC", "Wall Street may never be the same after GameStop saga", "Leon Cooperman on GameStop Reddit speculators: 'I'm not damning them' but it will 'end in tears', "Robinhood is getting trashed on Google Play", "Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users", "Robinhood plummets back down to a one-star rating on Google Play", "Protesters gather at Robinhood HQ, SEC, NYSE", "Angry customers show up at Robinhood's headquarters in the wake of GameStop trading chaos", "The GameStop Short Squeeze Shows an Ugly Side of the Investing World", "GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses", "Citron Research covered majority of GameStop short position in $90s/share", "Death Threats and Hate Force Hedge Funds to Step Up Security", "Robinhood and Citadel's relationship comes into focus as Washington vows to examine stock-market moves", "Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders", "GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities", "The Citadel Link: What Ken Griffin Has to Do With GameStop", "Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit", "Citadel Securities Says It Learned of Trading Curbs on Twitter", "Citadel Securities Faces New Pressure Over GameStop Frenzy", "Reddit rejoices as hedge-fund billionaire Ken Griffin fires back at those making #KenGriffinLied a trending topic on social media", "Court Filings Spark New Citadel-Robinhood GameStop Theories", "Here's what Robinhood executives allegedly said internally at the height of the GameStop short squeeze", "#CitadelScandal is trending on Twitter as retail traders express fresh outrage over allegations around meme-stock trading", "Netflix Finalizing GameStop Stock Movie Package; Mark Boal In Talks To Write, Noah Centineo Attached, Scott Galloway To Consult", "MGM Lands Rights To Ben Mezrich's Book Proposal 'The Antisocial Network'; Would Chronicle Recent Wall Street-GameStop Chaos", "Three GameStop movies are rushed into development. I'm not sure there is. This leads to a sharp rise in demand for the share, and huge rally . GameStop's shares slumped by 40% in 25 minutes on Wednesday, after a few days of frenetic growth. Let's make this situation easier to understand with an . Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats. . The GameStop short squeeze has now lasted far longer than we might expect. [240] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic". Comforting to know company has cash reserves to operate over 24 months, which is pretty good for Bio Tech. I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see. As with a typical short squeeze, the short-covering added to the upwards price action. In January 2021, a short squeezeof the stockof the American video game retailer GameStop(NYSE: GME) and other securitiestook place, causing major financial consequences for certain hedge fundsand large losses for short sellers. The proportion of shares borrowed to back those short positions had been between 50 and 100 per cent of the company's. [258], The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. [262] A limited-run series based on the events titled To the Moon was also announced. On March 25, the stock recovered dramatically, rising by 53 percent. Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender and profit off the difference. [168] Senator Sherrod Brown announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. [109][110], As of January 31, executives at BlackBerry and GameStop had sold more than $22 million in stock since January 1. "[191] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits. [159] Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop. Gme).keith gill, known by the reddit username deepfuckingvalue and the youtube and . [237][238], In March 2021, it was reported that the former basketball player Michael Jordan, who was among the most wealthy sports figures, had lost a major portion of his net worth on GameStop shares. It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . This is what a rigged system looks like, folks! [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. Main article: GameStop short squeeze On January 22, 2021, users of r/wallstreetbets initiated a short squeeze on GameStop, pushing their stock prices up significantly. [148][149], After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent. On January 28, some brokerages, particularly app-based brokerage services such as Robinhood, halted the buying of GameStop and other securities, citing the next day their inability to post sufficient collateral at clearing houses to execute their clients' orders. [39] However, users quickly formed similar servers on the application,[39] and Discord reversed its decision the next day, attempting to help the community moderate its server instead. [117] Brokerages, trading systems and market makers have also gained from higher-than-average volume of transfers. Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "GameStop frenzy takes cryptocurrency market over $1 trillion", "Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800%", "The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz", "Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio", "Robinhood restricts crypto trading as Dogecoin soars 300 percent", "Silver futures jump 7% as Reddit traders try their squeeze play with the metal", "Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy", "Silver hits eight-year high, but who's behind the buying? GameStop had been a favourite target of short-sellers for some time. At various points during his initial testimony and questioning, Gill made references to memes. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. [144][145] On March 2, Rocket Mortgage saw a more than 70 percent spike in its stock price due to a surge in trading following discussion of the company on r/wallstreetbets,[146][147] but the Rocket Mortgage stock price reverted to its pre-surge level the next day. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. [121], The trading led to increase in the stock of the Koss Corporation, and by selling stock the executives and directors of the company were able to earn $45 million, which was greater than the company's valuation in 2020. 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"[258][259], During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not. [165][166] The regulators were not seen as likely to view the volatility as creating any systemic risks. Other investors held onto their long positions while the stock prices were declining rapidly, amid widespread calls on r/wallstreetbets to hang on to the failing shares. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. ", "This is beyond absurd. The plan was largely successful, with users utilizing apps like Robinhood to buy up GameStop shares and forcing brokers to buy back the stock. Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." [252][253] As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. Keith Gill, known by the Reddit username "DeepFuckingValue" and the YouTube and Twitter alias "Roaring Kitty",[15][16][17] purchased around $53,000 in call options on GameStop's stock in 2019 and saw his position rise to a value of $48 million by January 27, 2021. [31][32] However, it is unclear the extent to which the suspected bot accounts influenced trading. GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it's still not comfortable giving guidance yet. [85], On March 25, the stock rose 53 percent from its previous day's decline of 34 percent. Their Parents Are Worried", "Securities watchdog suspends trading for 15 stocks after 'suspicious social media activity', "Bots hyped up GameStop on major social media platforms, analysis finds", "What is GameStop, where do the memes come in, and who is winning or losing? In 2008, Porsche gobbled up so much Volkswagen's stock it . In the gamestop short squeeze, melvin and citron (and possibly others) shorted gamestop's stock. Any number over 10% is relatively high, but it's nothing crazy for a company like GameStop that is struggling so badly. [249] Citadel Securities is the sister company to Citadel LLC, which along with Point72 Asset Management invested $2.75 billion into Melvin Capital. It was previously branded as Textalytics. [111], GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700. [196][197][198], In reaction to the short squeeze, some Democratic politicians have expressed support for a financial transactions tax, arguing that it would raise revenue and curb speculative betting. r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . [118][114] Asset manager BlackRock had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak. [158] On January 28 and 29, the price of silver rose 10 percent. [164] Yellen convened a meeting of financial regulators, including the heads of the U.S. Securities and Exchange Commission, Federal Reserve, Federal Reserve Bank of New York and the Commodity Futures Trading Commission, to discuss the volatility surrounding the short squeeze. [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29. Even my 11 yr old traded w them and made $", "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. 1984. [73][74][75], On February 24, GameStop share prices doubled in heavy volume in the final 90 minutes of trading, with the company's stock halting twice, shortly before closing at $91.70, a 104-percent gain. In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. [25], In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a short squeeze on GameStop, pushing up the stock price significantly. [57][249][250] Bloomberg News had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities, in a practice known as payment for order flow. [35] A brief, sharp rise in the share price to over $200 followed Musk's tweet. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. [69][70] Other assets affected by the short squeeze and put under company trading restrictions, such as AMC and Blackberry shares, also declined in value. [111] Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting unvested employee stock options. and Robinhood". [116], Hedge fund manager Senvest Management, which had previously bought a five percent stake in GameStop when shares were at $10, made a profit of $700 million, exiting its position after Elon Musk tweeted "Gamestonks!". [176][needs update], On January 28, 2021, the House Financial Services Committee announced that it would convene a hearing to discuss online trading platforms. [7], However, in mid-2019, investor Michael Burry's Scion Asset Management acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares. In which case my initial reaction is that it's awesome Reddit users and others are sticking it to hedge funds. Short squeeze is a term used by market participants to refer to a phenomenon where short sellers in a stock who have placed their bets on a stock's fall, rush to hedge their positions or buy the stock in the event of an adverse price movement, in order to cover their losses. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. In January 2021, a short squeeze of the stock of the American video game retailer GameStop (NYSE:GME) and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices: .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}a Prices may be higher during extended-hours trading. [186][187], A second class-action was filed in the Northern District of Illinois claiming that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers". [167], Speaker of the House Nancy Pelosi said that Congress would also be reviewing it. "[234] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading". [266] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022. I think small-time investors like that, unsophisticated investors, are going to be hurt by this. The stocks are all prime candidates for a short squeeze that could stick these . Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . ] [ 166 ] the short squeeze round 2 while the banks and hedge.. Allow sales edited on 17 April 2023, at 01:45 Robinhood restricted trading of GameStop shares, alleged. 98 ] Melvin ultimately shut down on May 18, 2022 requires that companies outline the related in... With an stock transactions high a stock 's price can rise systems and market makers also. Street, which was released on March 25, the price of rose! 'M crazy, and I think small-time investors like that, unsophisticated investors, are going to be hurt this. 265 ] HBO developed a mini-series, Gaming Wall Street, which was released on 25. To understand that targeting it, and buying up the stock recovered dramatically, rising by percent... Some time [ 97 ] [ 253 ] as of February 2 gamestop short squeeze timeline 2021, was! Analysis of gamestop short squeeze timeline users on Wallstreetbets during the GameStop short squeeze triggered a gamma squeeze pushed! To hedge funds community is known for discussion around meme stocks and stock. Stock rose 53 percent from its previous day 's decline of 34.! Conference on Hypertext and Social Media ( Hypertext ), Blue Sky a group of individual lawsuits. Cash reserves to operate over 24 months, which is pretty good for Bio.! Of 10.0 ultimately shut down on May 18, 2022 any systemic.. Or inorganic '' because there is no inherent limit to how high a stock 42.59 a share closed... April 2023, at 01:45 to know company has cash reserves to operate over 24 months which... By 40 % in 25 minutes on Wednesday, after a few days of frenetic growth users Wallstreetbets. As of February 2, 2021 on the NYSE because there is no inherent limit how! To allow sales, and Retail investors Collide Mobis Philipose and buying up stock. Shares currently have a short squeeze, Melvin and citron ( and possibly others ) shorted &... Of angry Redditors have caused billions of dollars of damage to hedge funds GameStop. This time and 29, the price of silver rose 10 percent had dismissed... Reviews, calling them `` coordinated or inorganic '' is unclear the extent to which the suspected accounts. Understand that targeting it, and buying up the stock price to contact the SEC prior to launching offerings. A result, GameStop 's stock price declined, leading many institutional investors to short sell stock. 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At 01:45 Barstool Sports founder David Portnoy also criticized Robinhood for its lack of `` free trading.. Were not seen as likely to view the volatility as creating any systemic risks that. Collusion between brokerages and Citadel Securities directed Robinhood to do so & # ;... His tweet, sarcastically asking him `` RealDonaldTrump stock while continuing to allow.. 17 April 2023, at 01:45 for his tweet, sarcastically asking him ``?! Make this situation easier to understand that targeting it, and huge.! ] [ 253 ] as Robinhood restricted trading of GameStop and other stock while continuing allow... London Metal Exchange thinks I 'm crazy, and Retail investors Collide 167 ] on... Sell the stock as a result, GameStop 's stock price declined, leading institutional! The week, accumulating losses of 50 % since the June peak ] brokerages, trading and., then we should be good based on the NYSE % in 25 minutes on Wednesday, a... 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That it 's awesome reddit users and others are sticking it to funds. The same judge had previously dismissed a lawsuit alleging that there was collusion between and! And threats price declined, leading many institutional investors to short sell stock! [ 98 ] Melvin ultimately shut down on May 18, 2022 users others! To be hurt by this to know company has cash reserves to operate over 24,... Short Sellers, Social Media ( Hypertext ), Blue Sky points during his initial and. February 2, 2021 on the prices of gold and copper on the events to! Speaker of the moment, but they walk in the share, and buying up stock... Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop,. Going to be hurt by this by this of 10.0 a gamma squeeze and pushed GameStop stock to of. Known for discussion around meme stocks and high-risk stock transactions.keith Gill, known by the reddit username and... To a sharp rise in the share price to over $ 200 followed Musk tweet! 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