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 saw an opportunity to make profit from betting against GameStop's share price, or short selling. GameStop’s's shares hit a low of $2.57 last year before rising to $18.84 by 31 December after a notable hedge fund decided to back the company. Several Reddit users called for people to pile into GameStop shares, pushing up the price to put pressure on the short-sellers - a process known as a short squeeze. Since some hedge funds had borrowed and sold millions of GameStop’s shares, they were facing huge losses and had to buy the shares back to stop those losses rising further.

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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 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 …

GameStop names Amazon veteran as CEO; sales accelerate
3 years, 6 months ago

GameStop names Amazon veteran as CEO; sales accelerate

Associated Press  

NEW YORK — GameStop, the video-game retailer whose manic stock movements captivated Wall Street this year, said Wednesday that it’s brought on a pair of Amazon veterans as its new chief executive and chief financial officer to aid in its much anticipated digital turnaround. GameStop also said that Mike Recupero, who most recently was CFO of Amazon’s North American consumer …

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 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 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 shares rise after Robinhood lifts trading curbs
3 years, 9 months ago

GameStop shares rise after Robinhood lifts trading curbs

Live Mint  

Shares of GameStop and other companies caught in the recent social media-hyped trading frenzy rose on Friday, after online broker Robinhood lifted all the buying curbs imposed at the height of the battle between amateur investors and Wall Street hedge funds. Robinhood, among the fee-free online brokers that are credited with fueling the trades, said late on Thursday it had …

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 …

Robinhood CEO defends actions in GameStop saga at hearing
3 years, 10 months ago

Robinhood CEO defends actions in GameStop saga at hearing

Associated Press  

WASHINGTON — The CEO of Robinhood defended the trading platform to Congress Thursday for its actions during the GameStop trading saga, while apologizing to customers for restricting their ability to trade at the height of the frenzy. “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins.” Waters brusquely grilled Tenev on …

“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 …

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 …

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 …

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 …

Elizabeth Warren on GameStop: SEC should get off their duffs and do their jobs
3 years, 10 months ago

Elizabeth Warren on GameStop: SEC should get off their duffs and do their jobs

CNN  

New York CNN Business — Senator Elizabeth Warren doesn’t know who’s right and who’s wrong in the GameStop saga, and that’s driving her nuts. “We actually don’t know who all the players are in all this – whether there’s big money on both sides,” Warren told Dana Bash on “State of the Union” Sunday. “That’s why we need an SEC …

Robinhood app is new eye of GameStop storm
3 years, 10 months ago

Robinhood app is new eye of GameStop storm

The Hindu  

Online broker Robinhood has been one of the hottest venues in this week's retail-trading frenzy but its sudden curbs on buying of some hot stocks have raised the ire of customers, celebrities and politicians who argue it unfairly benefits bigger investors. Robinhood Chief Executive Vlad Tenev said on Thursday trade was restricted in "about 13" viral stocks, which include GameStop, …

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 …

Short-selling firm that bet against GameStop says it will stop short-selling
3 years, 10 months ago

Short-selling firm that bet against GameStop says it will stop 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. In a sign that short-selling may be falling out …

GameStop soars again; Wall Street bends under the pressure
3 years, 10 months ago

GameStop soars again; Wall Street bends under the pressure

Associated Press  

Another bout of selling gripped the U.S. stock market Friday, as anxiety mounts over whether the frenzy behind a swift, meteoric rise in GameStop and a handful of other stocks will damage Wall Street overall. “You’ve seen a lot of volatility this week, so when you have some unknowns like what you’re seeing in the retail trading world, people are …

GameStop Stock Rebellion Lets Ontario Teachers, Canadian Cannabis Firm Cash In
3 years, 10 months ago

GameStop Stock Rebellion Lets Ontario Teachers, Canadian Cannabis Firm Cash In

Huff Post  

Wall Street’s hedge funds are on track to lose tens of billions of dollars in the “short squeeze” caused by traders on Reddit, but some Canadian entities affected by the frenzy are cashing in ― while they still can. The Ontario teachers’ pension plan and a small Calgary cannabis company are among the Canadian entities seemingly making bank on surging …

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 …

’Give them no respect’: Elon Musk as Reddit users ’punish’ Wall Street
3 years, 10 months ago

’Give them no respect’: Elon Musk as Reddit users ’punish’ Wall Street

Live Mint  

The social media-fueled movement has sent shares in the US video game retail chain soaring from less than $20 weeks ago to a peak of $492 on Thursday, dearly costing hedge funds that bet GameStop stock would tank. But they lifted off anew after-hours, after Tesla chief Elon Musk seemingly urged individual investors to punish hedge funds for short selling, …

GameStop has $11bn wiped off value in wild day of trading as Reddit-inspired investors restricted
3 years, 10 months ago

GameStop has $11bn wiped off value in wild day of trading as Reddit-inspired investors restricted

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy GameStop stock saw $11bn wiped off its share price during …

Robinhood, hedge funds and short squeezes: Key points to know about the GameStop insanity
3 years, 10 months ago

Robinhood, hedge funds and short squeezes: Key points to know about the GameStop insanity

Firstpost  

The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players. It’s called a short squeeze, and it involves investors betting on which way a stock will go — up or down. Investors who bet against a stock are …

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. …

Robinhood raised $1 billion after halting GameStop purchases
3 years, 10 months ago

Robinhood raised $1 billion after halting GameStop purchases

CNN  

New York CNN Business — Robinhood raised $1 billion from existing investors just hours after it halted purchases of GameStop, suggesting the free-trading app faced a potential cash shortage. “To prudently manage the risk and the deposit requirements, we had to restrict buying in these 13 stocks,” Vlad Tenev, Robinhood’s co-CEO, told CNN’s Chris Cuomo Thursday evening. “Just another shill …

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 …

Reddit, GameStop, Robinhood and Wall Street hedge funds: What is going on, the full story in 10 points
3 years, 10 months ago

Reddit, GameStop, Robinhood and Wall Street hedge funds: What is going on, the full story in 10 points

India Today  

Reddit, GameStop, Robinhood and Wall Street hedge funds till few days back only a handful of people knew or rather were aware about this names. Short Selling is a practice where Wall Street Hedge Funds and money managers borrow stocks of a small company to sell if the stock price goes down in future. This was because of group of …

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 …

EXPLAINER: Why GameStop’s stock surge is shaking Wall Street
3 years, 10 months ago

EXPLAINER: Why GameStop’s stock surge is shaking Wall Street

Associated Press  

NEW YORK — It’s not just you. The struggling video game retailer’s stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington. They’ve recently been encouraging each other to keep buying GameStop and push it ever higher, or “to the …

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 …

GameStop effect spreads as calls for probe build
3 years, 10 months ago

GameStop effect spreads as calls for probe build

The Hindu  

The battle between small-time traders and hedge funds that has shaken U.S. and European stock markets moved into Asia on Thursday, with surges in several Australian companies joining a list of social-media hyped moves that have cost financial institutions billions of dollars. Explainer | Why regulators may scrutinize GameStop's Reddit-driven retail stock surge Heavily shorted Australian shares, including Webjet and …

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 slugfest spreads to Australia as calls for probe build
3 years, 10 months ago

GameStop slugfest spreads to Australia as calls for probe build

Business Standard  

The battle between small-time traders and hedge funds that has shaken U.S. and European stock markets moved into Asia on Thursday, with surges in several Australian companies squeezing another batch of financial institutions that have bet on the stocks falling. "With small investors swarming over heavily shorted stocks in what looked like a coordinated move, the frenzy raises all sorts …

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 …

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