GameStop investors who bet big—and lost big
3 years, 10 months ago

GameStop investors who bet big—and lost big

Live Mint  

Salvador Vergara was so enthusiastic about GameStop Corp. in late January that he took out a $20,000 personal loan and used it to purchase shares. GameStop’s volatile ride is hitting the portfolios of individual investors like Mr. Vergara who purchased the stock in a social-media-fueled frenzy. Then Mr. Vergara, a longtime reader of the WallStreetBets page on Reddit, saw others posting about buying GameStop shares and the stock’s colossal rise. The trade was an outlet for Mr. Moy’s frustrations after an abysmal year, a “virtual protest" of sorts, he said. One of Mr. Moy’s most recent works of art is inspired by “diamond hands," a phrase used on Reddit to describe hanging onto your position, no matter what.

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History of this topic

GameStop stock: The pious Reddit conspiracists holding out for millions.
2 months, 2 weeks ago

GameStop stock: The pious Reddit conspiracists holding out for millions.

Slate  

This is part of r/Farhad, in which Slate contributor Farhad Manjoo delves into the Reddit communities that bring him peculiar joy. The GameStop stock craze of early 2021 was, after all, a breakout moment for Reddit, perhaps the clearest example of the message board’s power to set off bizarro fads that send offline institutions reeling. Unlike other asset bubbles that …

GameStop rallies, trading halts after Roaring Kitty tweets.
54 years, 11 months ago

GameStop rallies, trading halts after Roaring Kitty tweets.

Slate  

A short story: At 8 p.m. Eastern time on Sunday, a man named Keith Gill sent his first tweet since June 2021. When Gill pressed send, stock in GameStop Corp., the video game retailer, immediately shot up in after-hours trading, and by Monday’s open, it was $26.34, a nice 51 percent jump from Friday’s close at $17.46. “Keith Gill gets …

GameStop slumps after it fires former Amazon executive brought in to modernize the gaming retailer
1 year, 6 months ago

GameStop slumps after it fires former Amazon executive brought in to modernize the gaming retailer

Associated Press  

Shares of GameStop fell sharply Thursday after the company fired CEO Matthew Furlong, the former Amazon executive who was brought in two years ago to turn the struggling video game retailer around. Cohen sent a cryptic tweet that read “Not for long” around the time the company announced Furlong’s firing. Furlong was one of two Amazon executives hired at the …

What can GameStop mavericks teach you about investing?
2 years, 11 months ago

What can GameStop mavericks teach you about investing?

Daily Mail  

Rarely does a single company change the course of investing history for ever. But one year ago, GameStop, then a little-known video game retail company in the US, did just that when its share price shot up by more than 700 per cent within a single week. Reality check: Thousands of small investors bought GameStop shares – sending the price …

GameStop mania severely tested market system, regulator says
3 years, 2 months ago

GameStop mania severely tested market system, regulator says

Associated Press  

NEW YORK — The U.S. stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop early this year, driving its price to heights that shocked professional investors. As GameStop’s stock shot from $39 to $347 in just a week, some of the stock market’s plumbing began creaking, but the report indicated the market’s basic systems …

Hottest seller at GameStop is its own stock, $1B raised
3 years, 6 months ago

Hottest seller at GameStop is its own stock, $1B raised

Associated Press  

GameStop raised more than $1 billion in its latest stock sale, capitalizing on a newly arrived and fervent army of online investors. But GameStop is taking full advantage its surging stock price to raise desperately needed cash. Shares of GameStop, which could be had for about $20 early this year, were selling for close to $213 Tuesday afternoon after rising …

GameStop gearing up to name Cohen as its chairman
3 years, 6 months ago

GameStop gearing up to name Cohen as its chairman

Associated Press  

Meme stock GameStop is gearing up to name Ryan Cohen as its chairman on Wednesday when the video game retailer holds its annual shareholders meeting. GameStop added Cohen and two of his former Chewy colleagues to its board in mid-January, after Cohen had pressed the retailer to focus on its online operations. GameStop was the face of the meme stock …

Leadership shakeup continues at GameStop, CEO to depart
3 years, 8 months ago

Leadership shakeup continues at GameStop, CEO to depart

Associated Press  

The overhaul in the top ranks of GameStop continues with the announced departure of CEO George Sherman at the end of July. Less than two weeks ago, the Grapevine, Texas, company announced the nomination of Chewy founder Ryan Cohen as chairman of the board, a major investor in the floundering video game retailer. They’re arrival coincided with the meteoric January …

GameStop nominates Chewy founder Ryan Cohen as chairman
3 years, 8 months ago

GameStop nominates Chewy founder Ryan Cohen as chairman

Associated Press  

NEW YORK — GameStop says it’s nominating Chewy founder Ryan Cohen as chairman of the board at its annual shareholders’ meeting on June 9. In mid-January, GameStop Corp. added Cohen and two of his former colleagues from Chewy to its board after Cohen had pressed the retailer to focus on its online operations. GameStop’s business has been floundering over the …

GameStop to sell 3.5M shares after stock frenzy boosts price
3 years, 8 months ago

GameStop to sell 3.5M shares after stock frenzy boosts price

Associated Press  

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares. A number of hedge funds, believing the value of GameStop shares would fall further, shorted the company, or bet against its shares. However, a group of smaller investors who communicated …

GameStop weighing stock offering to fund transformation
3 years, 9 months ago

GameStop weighing stock offering to fund transformation

Associated Press  

GameStop is considering selling some of its shares, a move that would enable the video-game retailer to capitalize on the massive surge in its stock price this year. In a filing with the Securities and Exchange Commission late Tuesday, the company noted that it has been evaluating since January whether to increase a $100 million stock offering program it established …

GameStop lost $215 million in fiscal year; online sales gain
3 years, 9 months ago

GameStop lost $215 million in fiscal year; online sales gain

Associated Press  

GameStop, the video game retailer at the center of a social-media driven investment frenzy, said it lost $215 million in the 12 months ended Jan. 30 as it dealt with pandemic-related shutdowns and moved to transform itself into a more online-focused company. The company’s latest results, which fell short of Wall Street’s expectations, offered few positives to back up some …

GameStop stock is surging again: Shares close up more than 100%
3 years, 10 months ago

GameStop stock is surging again: Shares close up more than 100%

CNN  

New York CNN Business — GameStop shares climbed rapidly and were halted twice for volatility ahead of the closing bell Wednesday. The surge comes about a month after a wild GameStop trading frenzy caused its stock to jump around 1,600% in a matter of days, though it quickly fell from highs around $350. The jump in GameStop also comes a …

“Mr. Kitty” goes virtually to Washington over GameStop saga
3 years, 10 months ago

“Mr. Kitty” goes virtually to Washington over GameStop saga

Associated Press  

The social media movement that made a beloved icon of GameStop enthusiast Keith Gill continued to rally behind the YouTube personality known as Roaring Kitty as he testified to Congress on Thursday about his role in last month’s stock market frenzy. “Today, the world shall know his name,” cheered one online fan on the social media website Reddit, superimposing a …

GameStop’s saga may be over; its effect on Wall Street isn’t
3 years, 10 months ago

GameStop’s saga may be over; its effect on Wall Street isn’t

Associated Press  

NEW YORK — The frenzy around GameStop’s stock may have quieted down, but the outsized influence small investors had in the saga is likely to stick around. Who wins and losses when short sellers, social media and retail investors collide.” “I don’t think we’re going to see major reforms that prevent it,” said Tony Casey, a professor of law at …

How GameStop missed out on capitalizing on the Reddit rally
3 years, 10 months ago

How GameStop missed out on capitalizing on the Reddit rally

Live Mint  

US video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter. While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored …

GameStop case changes the speculative game
3 years, 10 months ago

GameStop case changes the speculative game

The Hindu  

January proved to be an unusual month in the United States equity market. It turns out that a set of Wall Street majors, such as hedge funds Citron Research and Melvin Capital Management, had in fact been betting that the GameStop equity could only go downwards. The company’s record What shocked Wall Street and financial pundits was that the rise …

GameStop wraps up a bad week, leaves $18 billion hole
3 years, 10 months ago

GameStop wraps up a bad week, leaves $18 billion hole

Live Mint  

Even with Friday’s bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer’s stock-market value. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week’s high of $483 as retail trader demand and excitement across platforms like Reddit …

GameStop booster did well; many devotees won’t as shares sag
3 years, 10 months ago

GameStop booster did well; many devotees won’t as shares sag

Associated Press  

— “IF HE’S STILL IN, I’M STILL IN,” was the constant refrain from followers of Roaring Kitty, the YouTube personality whose enthusiasm about buying stock in video-game retailer GameStop made him an icon in the social media frenzy that shocked Wall Street last week. It’s about sending a message and redistributing the wealth.” Binette doesn’t fault Gill, calling him a …

More GameStops possible as small investors flex muscles
3 years, 10 months ago

More GameStops possible as small investors flex muscles

Associated Press  

LOS ANGELES — GameStop and a handful of other stocks whose meteoric rise last month shocked Wall Street began falling back to Earth this week. The GameStop episode is “a wake-up call that is likely to permanently affect the business models of institutional investors,” analysts at Barclays Capital wrote in a research note this week. Citron Research, Melvin Capital and …

GameStop stock tipster Roaring Kitty reveals he lost $13m in one day
3 years, 10 months ago

GameStop stock tipster Roaring Kitty reveals he lost $13m in one day

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Reddit user whose …

GameStop’s stupefying stock rise doesn’t hide its reality
3 years, 10 months ago

GameStop’s stupefying stock rise doesn’t hide its reality

Associated Press  

NEW YORK — Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming. While GameStop’s new board member Ryan Cohen, the founder of online pet store Chewy, has raised hopes of a turnaround, it’s still going to be an uphill battle. “GameStop needs to evolve …

GameStop shares drop 60% as frenzied rally loses steam
3 years, 10 months ago

GameStop shares drop 60% as frenzied rally loses steam

Associated Press  

GameStop shares plunged 60% Tuesday in a further reversal of the recent blockbuster gains that grabbed people’s attention far beyond Wall Street. The video game retailer’s stock shot up an eye-popping 1,600% in January following a social-media led campaign to boost the price at the expense of big Wall Street funds who were betting on a decline. I am a …

How Reddit users grew GameStop’s stock tenfold fighting Wall Street
3 years, 10 months ago

How Reddit users grew GameStop’s stock tenfold fighting Wall Street

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Video game retailer GameStop’s stock price has increased dramatically due to the actions …

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling
3 years, 10 months ago

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Institutional investors, including the $13bn hedge fund Melvin Capital …

Reddit users claim victory as $13bn hedge fund capitulates on GameStop
3 years, 10 months ago

Reddit users claim victory as $13bn hedge fund capitulates on GameStop

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Premarket stocks: 1 big thing we still don’t know about the GameStop rally
3 years, 10 months ago

Premarket stocks: 1 big thing we still don’t know about the GameStop rally

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. I don’t think we know that yet.” It’s clear that the rush into GameStop shares did cause trouble for some hedge funds like Melvin Capital, which lost 53% of its investments in January after it became a primary target for traders on social media. “We actually …

10-Year-Old Boy Makes Over Rs 2 Lakh Selling GameStop Stock He Was Gifted a Year Ago
3 years, 10 months ago

10-Year-Old Boy Makes Over Rs 2 Lakh Selling GameStop Stock He Was Gifted a Year Ago

News 18  

A 10-year-old San Antonio boy made a killing by selling GameStop stock he was gifted more than a year ago. Jaydyn Carr’s mother, Nina, spent $60 for 10 shares of the video game chain’s stock in December of 2019 that she gave him for Kwanzaa to reflect Ujamaa, one of the festival’s seven principles that focuses on cooperative economics. With …

GameStop is just a pawn in the new battle between Wall St and Main St
3 years, 10 months ago

GameStop is just a pawn in the new battle between Wall St and Main St

ABC  

Why should we care about what's happening with the share price of video game retailer GameStop? During Thursday trading in the US, many retail investors couldn't trade certain stocks on various platforms they use but the big investment banks were given a green light. The US stock market trading at record highs has helped generate some of the underlying enthusiasm …

GameStop and Reddit news: Here are the 5 things you need to know
3 years, 10 months ago

GameStop and Reddit news: Here are the 5 things you need to know

CNN  

CNN Business — There was a lot to unpack in the deluge of news this week about GameStop, the stock market, Reddit groups, trading apps and hedge funds. IT’S A DAVID VS GOLIATH STORY At the heart of the GameStop saga is a struggle between two drastically different groups of investors: A band of amateur day traders versus a bunch …

EXPLAINED | What Is GameStop? The Controversy Around Sudden Surge In Its Stock Price & Reddit's Role
3 years, 10 months ago

EXPLAINED | What Is GameStop? The Controversy Around Sudden Surge In Its Stock Price & Reddit's Role

ABP News  

On January 28, 2021, a short sqeeze in the trade market resulted in a 1,500 percent increase in an an otherwise struggling video game retailer’s share price over the course of two weeks, reaching an all-time intraday high of US$483.00 on the New York Stock Exchange. The firm specialises in the buying, selling and trading of games and game devices …

GameStop stock news: Latest market updates as Congress schedules hearings
3 years, 10 months ago

GameStop stock news: Latest market updates as Congress schedules hearings

The Independent  

✕ Close Hedge funds, Gamestop, Reddit investors explained The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. …

Reddit users beat Wall Street hedge funds, then Robinhood blocked trading in GameStop, Nokia shares
3 years, 10 months ago

Reddit users beat Wall Street hedge funds, then Robinhood blocked trading in GameStop, Nokia shares

India Today  

Most market experts were left scratching their heads when shares of GameStop an electronic retailer that has struggled over the past years and is shutting stores - skyrocketed by nearly 2,000% since the beginning of the year. Well, a group of users came together on the online forum Reddit and pushed the price of the stock, beating Wall Street hedge …

GameStop stock price crashes as Robinhood app restricts trading, Wall Street reacts to short squeeze
3 years, 10 months ago

GameStop stock price crashes as Robinhood app restricts trading, Wall Street reacts to short squeeze

ABC  

GameStop shares have sunk as trading platforms including Robinhood and Interactive Brokers restricted trading in the video game retailer along with AMC Entertainment, Blackberry and other stocks that soared this week in a social media-driven trading frenzy that shook stock markets. Key points: GameStop gains have forced short-sellers to buy back stock to cover potential losses GameStop briefly became the …

GameStop investors’ motives: Take a YOLO bet. ‘Ruin a billionaire’s life.’
3 years, 10 months ago

GameStop investors’ motives: Take a YOLO bet. ‘Ruin a billionaire’s life.’

LA Times  

For some, it was the desire to make a buck. “My goal isn’t to get rich on this, my goal is to bankrupt these billionaires,” said Motter, 33, who had never bought a stock in his life before he took an amount of money larger than he received from the federal government’s coronavirus “stimmy” check and poured it into GameStop …

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues
3 years, 10 months ago

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy GameStop shares surged a further …

Why GameStop Stock Soared As Part Of A Reddit Forum's Quest To Take Down Hedge Funds
3 years, 10 months ago

Why GameStop Stock Soared As Part Of A Reddit Forum's Quest To Take Down Hedge Funds

Huff Post  

A David and Goliath fight is being waged in the stock prices of seemingly failing businesses like GameStop and BlackBerry. This has thrown the stock market into chaos, hedge funds are pulling out their investments and really, GameStop hasn’t received this kind of attention since the Nintendo Wii came out. Many people, including myself, might meet most stock market news …

All the Ways the GameStop Roller Coaster Could End
54 years, 11 months ago

All the Ways the GameStop Roller Coaster Could End

Slate  

The siege by Reddit’s WallStreetBets community on institutional investors betting against the stock of video game retailer GameStop is now the stuff of internet and market legend. “The answer’s kind of unsatisfactory for you, but all these scenarios are possible.” Whatever happens, the episode marks the widespread discovery of a new frontier where the internet and the stock market intersect. …

How GameStop shares mania swept the world at huge expense to investors
3 years, 10 months ago

How GameStop shares mania swept the world at huge expense to investors

Daily Mail  

An obscure Reddit forum, a failing games shop, and a saga that could end up costing Wall Street billions - welcome to the bizarre trading scheme that is shaking up stock markets across the world. Amateur investors organising around a Reddit page called Wallstreetbets have sent failing shares in companies around the world soaring after pulling off a similar stunt …

Reddit group hyped up GameStop causing share price to surge
3 years, 10 months ago

Reddit group hyped up GameStop causing share price to surge

Daily Mail  

The Reddit subgroup fueling the unprecedented surge of GameStop shares is now planning to drive up American Airlines' stock in a campaign that is rattling Wall Street. Discord on Wednesday confirmed it has banned the WallStreetBets server from its platform, where users had shared messages hyping up GameStop's stock and urged other investors to hold on to their shares or …

GameStop stock price soars after retail investors take on short-sellers
3 years, 10 months ago

GameStop stock price soars after retail investors take on short-sellers

Op India  

The skyrocketing of the stock price of GameStop, a video game retailer, has been a taking point in Wall Street. The retail investors, fuelled by social media rumours, have taken up the gaming seller’s share price to the top, leaving hedge fund managers and big investors in a bit of a fix. The sudden rise in the share price has …

What is GameStop? All you need to know about Reddit-driven stock market play
3 years, 10 months ago

What is GameStop? All you need to know about Reddit-driven stock market play

Hindustan Times  

What is GameStop and why is it trending? Photographer: David Paul Morris/Bloomberg GameStop is an American video game and gaming merchandise consumer retailer, which was hit hard by the pandemic as the company heavily relies on the physical retail space. This surprising rise in the stocks of a video game retailing company comes as amateur traders on the internet are …

In duel with small investors over GameStop, big funds blink
3 years, 10 months ago

In duel with small investors over GameStop, big funds blink

Associated Press  

Across most of America, GameStop is just a place to buy a video game. “Nothing has changed with GameStop except the stock price,” He also said he has “respect for the market,” which can run stock prices up much higher than where critics say they should be, at least for a while. “i’m bankrupting a 10 figure hedge fund with …

GameStop stock has surged thanks to enthusiastic WallStreetBets Reddit users. Here's what you need to know
3 years, 10 months ago

GameStop stock has surged thanks to enthusiastic WallStreetBets Reddit users. Here's what you need to know

ABC  

It's a story with all the makings of a Hollywood blockbuster: the little guys beat the corporate titans at their own game, expose hypocrisy and get insanely rich in the process. If the company's share price suddenly surges, the "short seller" can buy those shares back at a slightly higher price. That's when "short sellers" — realising they've made the …

Wall Street’s wild week: GameStop stock soars 100% after Robinhood lifts restrictions
3 years, 10 months ago

Wall Street’s wild week: GameStop stock soars 100% after Robinhood lifts restrictions

CNN  

New York CNN Business — GameStop traders sent the stock on a wild ride Thursday, and it looks set for another manic session Friday. “We’re beginning to open up trading for some of these securities in a responsible manner.” Shares of GameStop fell more than 60% at one point and were halted several times Thursday, after having soared in recent …

GameStop: Why social media-driven traders are beating Wall Street
3 years, 10 months ago

GameStop: Why social media-driven traders are beating Wall Street

Al Jazeera  

Retail traders using social media site Reddit have quickly overturned conventional wisdom about who holds sway in US equity markets. An unlikely company has found itself at the centre of a much-heralded sea change in investment trends, as video game retailer GameStop’s stock continues to skyrocket – at least for now. But the bizarre spectacle around the surge in the …

Everything you need to know about how a Reddit group blew up GameStop’s stock
3 years, 10 months ago

Everything you need to know about how a Reddit group blew up GameStop’s stock

CNN  

New York CNN Business — The GameStop frenzy on Wall Street has investors, and much of the internet, enraptured — not unlike a good horror movie. On one side you have a band of mostly young day traders who coordinate on Reddit to drive up the share price of struggling companies, including GameStop, but also BlackBerry, Macy’s and AMC. The …

How Trumpism explains the GameStop stock surge
3 years, 10 months ago

How Trumpism explains the GameStop stock surge

CNN  

CNN — At the core of Donald Trump’s angry populist appeal was – and is – this sentiment: The elites think they know better than you. The origins of the surge are in the prevalent belief among Wall Street sharps – professional investors – that GameStop’s stock, even before this recent spike, was overvalued. Using Reddit – and a subreddit …

What the Hell Is Going On With GameStop’s Stock?
54 years, 11 months ago

What the Hell Is Going On With GameStop’s Stock?

Slate  

In April, GameStop was a struggling video game and electronics retailer trying to sort out its future as the pandemic worsened consumer trends that were already working against it. The tale of GameStop’s stock price will be taught in business schools one day, no matter how it ends. The tale of GameStop’s stock price—and the central role of a subreddit …

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