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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Who is buying stock in a company that Amazon made obsolete 5 years ago?
I would have shorted it too, it's going down to zero once this all ends.
You would've shorted 147% of the available shares? The people getting short squeezed here deserve it.
I couldn't afford that, but a small short position where I wouldn't lose too much would be a good choice.
I don't think this is about the viability of GameStop as much as just people saying to Wall Street "You can't bankrupt a company for profit".
That’s 100% the reasoning behind the whole Scheme to my knowledge