The GameStop-stock market story is absurd

Marketplace Tech

English - January 28, 2021 10:41 - 6 minutes - 11.8 MB - ★★★★★ - 1.2K ratings
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If you follow financial markets, Reddit or video games, you probably know that all three of those things merged this week in a hail of fire and rocket emojis. The simplest possible version of what happened: Several big hedge funds shorted GameStop stock. That is, they bet it would go down. There’s a group on Reddit called WallStreetBets, and they weren’t having it. Many of them decided to buy GameStop, causing its share price to go up — way up. Now, GameStop is up over 1,00% this month. The hedge funds that shorted it are losing billions, and the WallStreetBets community has moved to buying Nokia and AMC stocks, and who knows what’s next. I spoke with Edward Ongweso, who has been following this for Vice.