Go read this story about how r/WallStreetBets triggered a huge rise in GameStop’s stock price
The market, like Soylent Green, is made of people. That’s never more clear than when there’s something bonkers happening — like what’s happened with video game retailer GameStop’s stock since last September. Back then, it was trading at around $6.68; by this morning, however, it was trading at $146.97. (Since that astounding high, it fell to $61.13 as of 12:26PM EST.) What happened?
For that, check out this wild story from Bloomberg, which reported exactly how the subreddit r/WallStreetBets grabbed hold of a huge opportunity — found, naturally, in the mass shorting of GameStop stock. As writer Brandon Kochkodin explains, the stage for the rise was set in 2019, when two important things happened. “One was Michael Burry — of Big Short…