How has a chain of videogame stores become a sensation? What’s a short squeeze? And why are hedge fund managers so nervous about it all?
Depending on whom you ask,the GameStop saga is either a cautionary story about a bunch of reckless nerds destabilising the sharemarket for laughs in a way that is likely to backfire on them spectacularly,or a David-and-Goliath morality tale.
Shares in several social-media driven stocks that have soared this week are hit hard by new restrictions,but Wall Street rebounded strongly overall.
Efforts to curb trading by retail investors prompted a swift response from Alexandria Ocasio-Cortez who tweeted:“This is unacceptable” only for far-right GOP Senator Ted Cruz to agree.
A local mining company has been caught up in the investing craze surrounding US company GameStop thanks to its ASX code matching that of the American video game retailer.
A horde of traders on Reddit that see themselves as sticking it to the establishment by hunting for heavily shorted stocks is adding billions to the wealth of some of the world’s ultra-rich.
Professional money managers are warning retail investors the Reddit-fuelled rush into unloved tech stocks will end in tears.
For some reason,online traders staged a massive assault on short sellers by driving up the share price of a money-losing vide game retailer,GameStop.
In what is being billed as payback on the short sellers,millions of small time day traders are engaged in feverish bidding on particular stocks to a point well in excess of their value.