[159] Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop. [239], Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the trading of GameStop securities, pushing its ratings down to one star. Several Wall Street analysts released research . Restricting who can buy and sell is using a hammer on free markets", "It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. [36] As of January28, 2021[update], the all-time highest intraday stock price for GameStop was $483.00 (nearly 190 times the low of $2.57 reached 9 months earlier in April 2020). Maybe not", "BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy", "GameStop frenzy helps fuel sharp gains for Morgan Stanley fund", "Mormon Church cashes in on GameStop and Tesla stock craze", "Koss family got $32 million from Reddit-fueled stock market frenzy more than the company was worth at the end of 2020", "As GameStop stock crumbles, newbie traders reckon with heavy losses", "GameStop Investors Who Bet Bigand Lost Big", "How the 'SaveAMC' campaign caused the movie theater company's stocks to soar", "American Airlines spikes 31% as Reddit traders direct their attention toward another heavily shorted stock", "Bankrupt Blockbuster Joins Reddit-Inspired Retail Rally", "Bed Bath & Beyond, AMC rally with GameStop as little investors squeeze hedge funds in more stocks", "Stock Investors Are Hunting for the Next GameStop on Reddit and Twitter", "GameStop mania may have ruined this hot Wall Street trade", "Why Virgin Galactic, Palantir, Kodak, Genius Brands, and Other Heavily Shorted Stocks Soared Today", "It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher", "Virgin Galactic (SPCE) and iRobot (IRBT) among stocks rallying in assault on shorts", "Koss Stock Up Over 1,000% In Three Days", "Not Just GameStop: Here Are The Meme Stocks WallStreetsBets Traders Are Pumping Up During This 'Extremely Erratic' Reddit Rally", "Reddit Ignites Mall Stock and Fund Cashes Out $500 Million", "NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams", "Why Is National Beverage Surging 27% Higher Today? [184][185] Several other investors began using the app DoNotPay to automatically join the lawsuit. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [30], Later analysis by a cyber security company of social media posts suggested that thousands of automated bots may have hyped GameStop stock, Dogecoin, and other stocks, on social media. [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment. In January 2021, a short squeeze of the stock of the American video game retailer GameStop (NYSE:GME) and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Meanwhile, apes remain confident that the stock can go. The price of many other heavily shorted securities and cryptocurrencies also increased. This leads to a sharp rise in demand for the share, and huge rally . [9] In a CNBC interview, billionaire investor and hedge fund manager Leon Cooperman angrily criticized the Reddit users' market behavior, calling it a result of the federal response to the pandemic and stating that it would "end in tears" for the retail investors. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. [25], In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a short squeeze on GameStop, pushing up the stock price significantly. [20][89][90] Citadel LLC and firm partners then invested $2 billion into Melvin, while Point72 Asset Management's investment added $750 million, for a total investment of $2.75 billion,[91][92][93] before Melvin told CNBC that they covered (closed) their position on January 26, although the exact amount was not disclosed. [12][28] According to Dow Jones market data, more than 175 million shares of GameStop were traded on January 25, the second largest total in a single day, surpassing its 30-day average volume of 29.8 million shares. In the gamestop short squeeze, melvin and citron (and possibly others) shorted gamestop's stock. A team of researchers has extensively analyzed discussions on /r/wallstreetbets from November 27, 2020 through February 3, 2021, finding that it took only a few dedicated individuals to trigger a behavioral cascade that resulted in an unprecedented short squeeze of GameStop's stock, driving the price up roughly 2,000% during that period.. As of Jan. 28, the companies with the highest short interest are: [170], On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"[171] from "abusive or manipulative trading activity"[172] and "to identify and pursue potential wrongdoing". [188][189][190] Similarly, a man in Colorado filed a federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which he was essentially forced to sale his equities at a drastically reduced position given the new market condition set by these supposedly neutral brokerage houses, taking significant losses and being incapable of trading in these publicly held equities that he had performed significant due diligence and research on, and relied upon over the course of his job as a day trader. "[218] In another CNBC interview joined by Canadian businessman and Shark Tank investor Kevin O'Leary, O'Leary disputed Galvin's assertions, saying that real-world education was positive; that the risk of being targeted by "social media vigilantes" would dissuade hedge funds from aggressively selling short stocks; and zero-commission brokerage apps such as Robinhood had sparked a growing interest in retail investing. A Reddit-fueled day-trading craze last month pushed shares of GameStop Corp., the videogame retailer, as high as $483, but the hype has fizzed.. U.S. House Committee on Financial Services, Economic impact of the COVID-19 pandemic in the United States, settle a member's outstanding transactions, The Church of Jesus Christ of Latter-day Saints, Keith Patrick Gill's Opening Statement Before the U.S. House Committee on Financial Services, United States District Court for the Southern District of New York, United States House Committee on Financial Services, Massachusetts Secretary of the Commonwealth, "How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla", "GameStop: how Reddit amateurs took aim at Wall Street's short-sellers", "Meme Stock Saga Officially Over? [31][32] However, it is unclear the extent to which the suspected bot accounts influenced trading. . [226] OpenAI CEO Sam Altman suggested the company change its name. Many traders were furious, and called for class-action lawsuits in multiple popular Reddit posts. [88], By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments. Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. [12], The subreddit r/wallstreetbets is an online community on Reddit, a social news website. In addition, the many call options they bought forced the brokers to buy GameStop shares as well. On March 25, the stock recovered dramatically, rising by 53 percent. Public float: the portion of shares of a corporation that are in the hands of public investors. The changes in price were primarily the result of a short squeeze rather than the improved financial performance of GameStop. Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender and profit off the difference. [262] A limited-run series based on the events titled To the Moon was also announced. Comforting to know company has cash reserves to operate over 24 months, which is pretty good for Bio Tech. [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. GME shares currently have a short interest ratio of 10.0. [106] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years. Large losses could lead to a short squeeze Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 685,000 shares, worth $207. In premarket trading, the price reached levels above $500, from around $17. [261] Separately, Metro-Goldwyn-Mayer (MGM) acquired the rights to make its own movie based on Ben Mezrich's book proposal The Antisocial Network, aimed at chronicling the recent events on Wall Street. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats. GameStop traces its roots to Babbage's, a Dallas, Texas-based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin. [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. This is unacceptable. Bonjour! [97][98] Melvin ultimately shut down on May 18, 2022. [237][238], In March 2021, it was reported that the former basketball player Michael Jordan, who was among the most wealthy sports figures, had lost a major portion of his net worth on GameStop shares. [144][145] On March 2, Rocket Mortgage saw a more than 70 percent spike in its stock price due to a surge in trading following discussion of the company on r/wallstreetbets,[146][147] but the Rocket Mortgage stock price reverted to its pre-surge level the next day. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. In one of the most notorious and publicized short squeezes of all time, the stock of video game retailer Gamestop exploded from around $17 per share in early January 2021 to an intraday high of. Jan 27, 2021. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. Short squeeze is a term used by market participants to refer to a phenomenon where short sellers in a stock who have placed their bets on a stock's fall, rush to hedge their positions or buy the stock in the event of an adverse price movement, in order to cover their losses. [49] Other brokerages soon followed suit. [155], Following the stock market surge, futures for silver began to rapidly increase as well,[156][157] although later news reports clarified that it was unclear who was behind the rise. [69][70] Other assets affected by the short squeeze and put under company trading restrictions, such as AMC and Blackberry shares, also declined in value. [76][77][78] Similar gains, although not as high, were reported with cinema operator AMC, clothing retailer Express and communications software group BlackBerry. #RobinHood #WallStreet My full statement below:", "SEC reviewing recent trading volatility amid GameStop frenzy, vows to protect 'retail investors', "SEC vows to punish 'abusive activity' amid GameStop, Robinhood drama", "SEC Says It's Examining Market Mania for Potential Misconduct", "Robinhood to resume trading on GameStop, AMC stock amid volatility", "Robinhood Users Suing Over Trade Limits Face High Legal Bar", "The Texas attorney general will investigate brokers' decisions to limit GameStop trades", "Democrats in Congress will hold at least 2 hearings about Wall Street's practices following the GameStop short-squeeze", "Game Stopped? [47], According to The New York Times, the short squeeze has called into question the viability of short selling as an investment strategy. [22], Suggested factors included anger of some investors towards Wall Street hedge funds for their role in the financial crisis of 2007 and 2008,[23][18][24] or the general democratization of the stock market coupled with the ability of retail traders to communicate instantaneously through social media. [63] On January 29, it was reported that Robinhood had raised an additional $1 billion to protect the company from the financial pressure placed by the increased interest in particular stocks and meet the collateral requirements of clearing houses. [150][151][152] Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin". [94] On January 27, a Melvin Capital spokesperson stated that the fund had closed its position after repositioning its portfolio. [169] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. [113][111], While the short squeeze was initially reported as being driven by retail investors, it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze. He Talked to the Journal", "The 'Roaring Kitty' Rally: How a Reddit User and His Friends Roiled the Markets", "Famed GameStop bull 'Roaring Kitty' is a Massachusetts financial advisor", "How WallStreetBets Redditors Used Their Collective Power to Manipulate the Stock Market", "Meme Stock War Stories: From GameStop Diamond Hands to Robinhood's Reversal", "Melvin Capital, GameStop and the road to disaster", "Reddit's r/WallStreetBets breaks all-time traffic record as hedge fund bleeds", "Reddit group WallStreetBets hits 6 million users overnight after a wild week of trading antics", "Counter-Hegemonic Finance: The Gamestop Short Squeeze", "How WallStreetBets Pushed GameStop Shares to the Moon", "The Real Force Driving the GameStop Revolution", "GameStop stock halts trading after Reddit drama", "GameStop's stock rockets again in volatile trading, while company has not released news or commented", "Teens Are Gambling Their Savings on GameStop Stock. [236][additional citation(s) needed], However, investor Michael Burry, who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous". Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide. GameStop was the most shorted stock on Wall Street in early January. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. Let's make this situation easier to understand with an . The community is known for discussion around meme stocks and high-risk stock transactions. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. Then if we look at the third most recent 13F Form, which came out on March 31st, 2020 we can see they claim to be shorting 2,800,000 shares of Gamestop at $9,800,000 of Value, which means they shorted GME for $3.50 a share. GameStop's shares slumped by 40% in 25 minutes on Wednesday, after a few days of frenetic growth. Toilet Paper Analogy. They borrowed GameStop, put up a margin requirement, immediately sold their shares, and waited for GameStop prices to drop (before eventually re-purchasing and returning the borrowed shares). [118][114] Asset manager BlackRock had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak. [48], On January 28, Robinhood halted purchases of GameStop, AMC Theatres, BlackBerry Limited, Nokia Corporation, and other volatile stocks from its trading platform; customers could no longer open new positions in the stock, although they could still close them. [179] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev. ", "Nokia's stock soars toward a record gain on record volume, for no apparent reason", "Brokerage Firm Siebert Soars as Reddit Feed Targets Another Short Squeeze", "Reddit's GameStop gang pushes Tootsie Roll to record", "Caught in the GameStop frenzy, a different GME stock goes on a wild ride", "GameStop Mania Spreads Half a World Away to Target Glove Makers", "GameStop mania spreads as far as Malaysian glove makers", "Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%", "Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally", "Rocket Stock Is the New Meme Trade. ", "What We Talk About When We Talk About Stonks", "GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock", "Elon Musk tweet fuels frenzied GameStop surge", "GameStop Corp. (GME: NYSE) Stock Price & News", "Wall Street rises despite weak GDP data; GameStop frenzy continues as it happened", "Discord bans the r/WallStreetBets server, but new ones have sprung to life", "Discord is no longer banning r/WallStreetBets it's helping them", "Reddit's GameStop traders turn their attention to AMC stock", "AMC Networks' stock might have gotten a boost thanks to confused Reddit users", "Disruptions reported at multiple brokerages as GameStop, AMC surge", "Trading platforms are limiting trades of GameStop and other companies", "US stock trading volumes soar past 2008 peak in Reddit battle", "SEC Data Show $359 Million of GameStop Shares Failed to Deliver", "Q&A: A basic guide to the GameStop squeeze", "Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies", "Robinhood restricts trading of companies targeted by Reddit users", "Brokers block Reddit traders from buying GameStop amid market frenzy", "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform", "Update: GME, AMC, and KOSS are no longer restricted", "GameStop Trading Restrictions Blamed on Wall Street's Clearing Firm by Online Broker", "Robinhood denies claims that it sold GameStop shares out from under its traders", "Robinhood raises $1bn from investors and taps banks at end of wild week", "Robinhood Raises $1 Billion to Meet Surging Cash Demands", "Robinhood Fallout Sweeps Market After $1 Billion Lifeline", "Robinhood restricts trading in GameStop, other names involved in frenzy", "Robinhood's GameStop Debacle Spurs Calls to Modernize Stock Clearing", "Why Robinhood and Other Brokerages Restricted Trading This Week", "Robinhood tightens GameStop trading curbs again as SEC weighs in", "Robinhood, in Need of Cash, Raises $1 Billion From Its Investors", "Robinhood gets $1 billion infusion, signaling cash crunch", "Robinhood expands trading restrictions to 50 stocks", "Robinhood Narrows Trading Restrictions to Eight Companies", "GameStop shares plunge as Reddit rally deflates", "GameStop Rout Erases $27 Billion as Reddit Favorites Lose Steam", "Plunging GameStop Stock Tests the Will of Investors to Stick With the Ride", "GameStop stock is plummeting but the Reddit rebellion is just beginning", "A Week Inside the WallStreetBets Forum That Launched the GameStop Frenzy", "Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance", "The Hopes That Rose and Fell With GameStop", "GameStop shares double in final 90 minutes of trading day", "GameStop Shares Soar in Last Hour of Trading", "GameStop's Reddit-Driven Roller-Coaster Rages On as Volume Soars", "GameStop stock surges to highest point since January, market cap tops $17 billion", "GameStop tumbles 34% as Reddit darling mulls share sale", "GameStop shares fall after it announces plan to sell up to $1bn in stock", "Short interest in GameStop declined to 15% vs 141% at peak S3", "GameStop surges more than 50%, leading meme stocks higher", "GameStop's 53% surge fueled by a buy/sell ratio of 3-to-1, as 'meme' stock crowd emboldened", "Wall Street's Most Reviled Investors Worry About Their Fate", "Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets", "White House 'monitoring' GameStop share surge as US hedge fund pulls out", "Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management", "GameStop Stock Soars, and Social-Media Traders Claim Victory", "Citadel, Point72 Back Melvin With $2.75 Billion After Losses", "Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position", "GameStop skeptics Citron, Melvin succumb to epic short squeeze", "Wall Street gears up for second bout against Reddit traders", "Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain", "US hedge funds Melvin Capital and Light Street suffer further losses", "Plotkin Shuts Melvin Hedge Fund Left Reeling by Redditor Attack", "Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down", "An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms", "Citron halts 20 years of short-sell analysis after GameStop woes", "Dan Sundheim's $20 Billion D1 Capital Loses About 20% This Month", "Sundheim's D1 Shakes Off Its $4 Billion Reddit-Fueled Fiasco", "GameStop Short-Sellers Reload Bets After $6 Billion Loss", "Hedge funds retreat in face of day-trader onslaught", "GameStop Short Interest Plunges in Sign Traders Are Covering", "Hedge fund that bet against GameStop shuts down", "London-based hedge fund that bet against GameStop shuts down -FT", "Corporate executives reap millions from Reddit stock frenzy", "GameStop Insiders Sold Stock Before It Went Vertical", "GameStop CEO's shares are worth nearly $1 billionand, boy, does he probably want to sell", "This Hedge Fund Made $700 Million on GameStop", "How the rich got richer: Reddit trading frenzy benefited Wall Street elite", "Analysis: How Wall Street gains from 'populist' trading movement", "Was GameStop really a case of the little guys beating Wall Street? 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