
Another contingent genuinely believed GameStop was poised for a comeback, with the help of Chewy co-founder Ryan Cohen who joined the board in January Some are clear they were in it for money, while others insist they couldn’t care less about their profits long as hedge funds lost (there’s no way to know if people who racked up and lost millions were holding out more cash or more banker blood). Some thought the whole thing was a joke, while others saw themselves as heroes of an Oscar-winning Wall Street revenge movie. Some invested after seeing a single Tweet, while others had meticulously followed, analyzed and posted about GameStop for a year. Some people invested a few bucks as a joke, while others poured in life savings and maxed out credit cards. But there’s no one story of the frenzy of the last few weeks. The price rose until the shorting funds had divested and brokerage apps like Robinhood froze trading, killing momentum and ending the short squeeze cycle.Īt least, that’s the generic version of the GameStop saga. As you’ve likely heard, its stock briefly rose as high as $483, scores of small-time investors jumped on the bandwagon and hedge funds who’d bet against GameStop were forced to buy shares to make up for losses. Continued abuse of our services will cause your IP address to be blocked indefinitely.GameStop ’s share price below $50 this week, its lowest since January 21, around the time an army of retail traders mobilized on Reddit forum r/WallStreetBets to pour cash into the video game store. Please fill out the CAPTCHA below and then click the button to indicate that you agree to these terms. If you wish to be unblocked, you must agree that you will take immediate steps to rectify this issue. If you do not understand what is causing this behavior, please contact us here. If you promise to stop (by clicking the Agree button below), we'll unblock your connection for now, but we will immediately re-block it if we detect additional bad behavior.

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