A
Andy Meek
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- The GameStop stock price is still at a record high following an army of organized Redditors deciding to take advantage of short-sell activity around the company's stock to drive up the price and beat Wall Street at its own game.
- Because of all this, GameStop's market value exploded from $2 billion to more than $24 billion in just a few days. Since December, the stock price is up more than 1,700%.
- White House press secretary Jen Psaki said President Biden's economic team is monitoring the situation.
If you believe CNN's analysis of the mania surrounding the video game retail chain GameStop over the past few days, there's a pretty simple explanation for what's going. It's that ... President Trump is terrible!
Seriously, that's the gist you're left with after reading CNN editor-at-large Chris Cillizza's take on one of the biggest stories to dominate the internet this week. The story being how a group of amateur investors used Reddit to coordinate a stock buying binge in order to send the GameStop stock price surging higher. Their aim was to hijack the dominance enjoyed by professional Wall Street investors, who look down on amateur traders and investors as hopelessly naive rookies. In classic little-guy-versus-the-establishment fashion, however, these amateur investors took advantage of all the supposed professionals currently shorting GameStop, who are betting that the company's stock price will go down. Which, in a normal world, is what you'd expect to see happen. Retail is a terrible business to be in right now, and gamers are doing more online -- which means they're visiting physical stores a lot less. Except, the short sellers' bet that GameStop's share price will fall isn't actually working out so well, because the Reddit amateurs bought up a bunch of GameStop shares. That sent the stock price surging, which required the pros to buy shares to cover their own loss-making short position, which sent the retail chain's share price surging even higher.
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People actually found a way to blame the GameStop craziness on ‘Trumpism’ originally appeared on BGR.com on Thu, 28 Jan 2021 at 00:30:30 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report