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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It's funny, but the guy who made $22 million is going to jail. Won't matter that the big timers do the same thing; SEC has enforcement discretion and can just pull a "no reasonable prosecutor" excuse.
Yep.
Why is he going to jail?
I wouldn't be surprised if they try to get him for some sort of "pump and dump" scheme, but the real reason will be bankrupted members of the "club" in a rather unique way that illustrates some of the absurdities of the market.