Incase you haven't caught up yet, a subreddit with 2 million users decided to Bognadof the Gamespot stock, so much that 3 days ago it closed $40 US dollars, then yesterday it was $75 and just now when the market closed it was $145 US. Gamespot is now worth 10 billion dollars, the first time ever in it's history and Melvin Investment, a hedgefund that was short selling the stock has lost an estimated 6 billion dollars, after receiving a 2.75 billion bailout yesterday from 2 other investment firms. This really is entertaining to watch and is costing someone rich a lot of money.
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Wolf Richter did a column yesterday, https://wolfstreet.com/2021/01/25/after-skyrocketing-in-majestic-short-squeeze-gamestop-shares-collapse-54-in-hours-the-zoo-has-gone-nuts/
This aged poorly. It's at $200 now in after hours.
Who is buying this stock? They can't know anything about markets.
Quite literal autistic retards.
Doomp eet!
It's all about "proving" to Wall Street that they can't force companies into bankruptcy. This short position was literally a play that it would crash to zero.
Autists at the wall street bets subreddit.
Anyone who is short and must buy shares to cover their margin, and morons chasing easy money.
By this logic, it must be heading for a huge collapse eventually.