[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. Market mechanisms include the reality that some people will attempt to game the market mechanisms and some will pay the price. Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide. At various points during his initial testimony and questioning, Gill made references to memes. [116], Hedge fund manager Senvest Management, which had previously bought a five percent stake in GameStop when shares were at $10, made a profit of $700 million, exiting its position after Elon Musk tweeted "Gamestonks!". 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. [23] Last week it was trading at about $40 a share. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. [43][44] According to Bloomberg, U.S. trading volumes (by share count) on January 27 exceeded the peak set in October 2008 during the financial crisis, and was the third-highest in dollar terms within the last 13 years on record. It was previously branded as Textalytics. [195], On February 8, 2021, the U.S. Securities and Exchange Commission released a sample letter providing guidance to companies seeking to raise capital during periods of "extreme price volatility". [97][98] Melvin ultimately shut down on May 18, 2022. Feb 18 (Reuters) - Top executives from hedge funds and the Robinhood trading platform will appear before a U.S. House panel on Thursday to explain how a flood of retail trading drove shares of. In the gamestop short squeeze, melvin and citron (and possibly others) shorted gamestop's stock. [104][105], On January 26, it was reported that short sellers had lost a total of $6 billion due to the squeeze. [7], However, in mid-2019, investor Michael Burry's Scion Asset Management acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares. This page was last edited on 17 April 2023, at 01:45. 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.. [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. Weaponising Social Media for Information Divide and Warfare. [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. "[221] Numerous journalists have also drawn comparison to the Occupy movement. GameStop is a brick-and-mortar video and computer game retailer. 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. [86][87], Short sellers who had bet against GameStop suffered large losses as a result of the short squeeze. Several committee members expressed skepticism at the practice of payment for order flow and pressed Griffin and Tenev on the issue. CNN reported that the drop was partly due to restrictions imposed by Robinhood and other brokers on the number of shares that could be purchased at once by their clients. [248], Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities. [60][58][61] Clearing houses include the Depository Trust & Clearing Corporation (DTCC) for equities and the Options Clearing Corporation (OCC) for options. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. "[258][259], During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not. Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. Gains continued in after-hours trading, nearing an additional 100 percent. [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. "[b]a reference to the "stonks" meme rising in popularity at the timealong with a link to the r/wallstreetbets subreddit. Dude everyone thinks I'm crazy, and I think everyone else is crazy. GameStop's rocket ship has come back to earth. On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged in the neighborhood of $200 per share for another month. It's difficult to have a partnership when these kind of things go down this way. @FSCDems need to have a hearing on Robinhood's market manipulation. The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . [68][69] Reports estimated that about $27 billion in value had been erased. [148][149], After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent. Hello! His investigation has extended to 13 entities, including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and Citadel Financial. 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. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. No timelines, all speculative. Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." [27] The stock price increased 1,500 percent by January 27 over the course of two weeks, and its high volatility caused trading to be halted multiple times. Top Glove, Hartalega and Supermax respectively recorded increases in shares as high as 15 percent, 10 percent and 9.2 percent during intraday trading on January 29, before closing with respective increases of 8.5 percent, 5.4 percent and 3.7 percent. Tesla's . In addition, the many call options they bought forced the brokers to buy GameStop shares as well. 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. [88], After GameStop's share price spiked again in May 2021, it was reported that Light Street Capital, run by so-called "tiger cub" Glen Kacher, was down more than 20 percent during 2021. 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. This can result in a cascade of stock purchases and an even bigger jump of the share price. [45], On January 28, more than 1 million GameStop shares, then worth $359 million, were deemed failed-to-deliver. It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see. GameStop's short percent of float recently was about 13.3%. [158] On January 28 and 29, the price of silver rose 10 percent. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. Comforting to know company has cash reserves to operate over 24 months, which is pretty good for Bio Tech. As the stock prices continued to decline, many retail investors suffered significant losses,[73][74][75] with some r/wallstreetbets users losing a majority of their savings.[123][124]. [57][249][250] Bloomberg News had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities, in a practice known as payment for order flow. Gme Short Squeeze Timeline. [40], On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC), a company in a similar position to GameStop. The shares of GME Resources, an Australian mining company with Australian Securities Exchange (ASX) symbol GME, increased more than 50 percent during intraday trading, closing with a 13.3-percent increase on January 28. [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. A brief history of short squeezes before GameStop. Jan 27, 2021. But it's more complicated than that", "GameStop Soars After Co-Founder of Chewy Acquires a Stake", "GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros", "Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a DayAnd Brag About It", "GameStop 2019 Holiday sales down 27.5% YoY, comparable sales down 24.7%, stock down 6% after hours", "Keith Gill Drove the GameStop Reddit Mania. The typical short squeeze lasts one or perhaps two days, with the major price spikes often happening overnight.. Let's make this situation easier to understand with an . GameStop dropped 44% on Thursday, falling for the first time in six days as Robinhood and Interactive Brokers limited trading in several of the heavily shorted names to closing positions only,. 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. We now need to know more about @RobinhoodApp's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. [169] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. [98], On June 22, 2021, White Square Capital, a London-based hedge fund that was reported to have suffered "double-digit" losses betting against GameStop, announced that it would be shutting down. [24][101] In an interview, he claimed that the company had covered the majority of its short positions in the range of $90 per share at a loss of 100 percent, retaining a small, manageable position. [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. [230] Comedian and television host Jon Stewart, after joining Twitter, expressed support for the Reddit traders in his first tweet, stating "they're joining a party Wall Street insiders have been enjoying for years". [121], The trading led to increase in the stock of the Koss Corporation, and by selling stock the executives and directors of the company were able to earn $45 million, which was greater than the company's valuation in 2020. [177][178] On February 18, 2021, the committee, chaired by Representative Maxine Waters, held a remote hearing titled Game Stopped? [13] Observers congregating around r/wallstreetbets believed the company was being significantly undervalued, and with such a large amount of the shares being short they could trigger a short squeeze, by driving up the price to the point where short sellers had to capitulate and cover their positions at large losses. Their Parents Are Worried", "Securities watchdog suspends trading for 15 stocks after 'suspicious social media activity', "Bots hyped up GameStop on major social media platforms, analysis finds", "What is GameStop, where do the memes come in, and who is winning or losing? GameStop short squeeze round 2 while the banks and hedge funds go bankrupt sounds about right. The GameStop short squeeze story is headed to the big screen in 2023. One of the largest short sellers in the GameStop trade, Melvin Capital, was forced to close its position in GME in January 2021 due to GameStop's soaring valuation. [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. The trading frenzy in. Dozens of class action lawsuits have been filed against Robinhood in U.S. courts, and the U.S. House Committee on Financial Services held a congressional hearing on the incident. Several hedge funds even . 4,273 Jobs. ", "This is beyond absurd. [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. On January 22, 2021, approximately 140 percent of GameStop's public float[a] had been sold short, meaning some shorted shares had been re-lent and shorted again. Here's how they end", "Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment", "GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist", "Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon", "Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys", https://en.wikipedia.org/w/index.php?title=GameStop_short_squeeze&oldid=1150240747. [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? ", "Silver price hits eight-year high, as GameStop shares fall back", "Reddit users say they are not behind Monday's silver squeeze", "Redditors divided on shift to push up Silver", "Silver price surges amid investor frenzy but Reddit users say it isn't them", "Silver is surging but users on WallStreetBets say they're not behind the rally", "Biden administration 'monitoring the situation' with GameStop's stock, White House says", "Exclusive: Treasury's Yellen calls top regulator meeting on GameStop volatility, consults ethics lawyer", "Yellen to Meet Financial Regulators Thursday on Market Tumult", "Regulators Meeting on GameStop Frenzy Are Unlikely to Find Systemic Risk", "Pelosi says Congress will be part of GameStop scrutiny", "Breaking: Incoming Chairman @SenSherrodBrown's response to the current state of the stock market", "Private investors deserve to know Wall Street and hedge funds are not engaged in malicious behavior when the pendulum swings in favor of private investors, not corporate cronies. Other co-owners of the Charlotte Hornets with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result. r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . Yea there's deep value, then there's deep fucking value. [160][161][162][163], On January 27, 2021, White House press secretary Jen Psaki said that Treasury Secretary Janet Yellen and others in the Biden administration were monitoring the situation. [39] However, users quickly formed similar servers on the application,[39] and Discord reversed its decision the next day, attempting to help the community moderate its server instead. [111], GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700. [226] OpenAI CEO Sam Altman suggested the company change its name. [154] Robinhood then began limiting the trading on Dogecoin. 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. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. GameStop did not suddenly solve all these problems in the last week, and likely isn't a good investment from a fundamental perspective. These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29. [244], The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was being targeted online, including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language". [20], On January 27, 2021, technology news website Mashable reported that the subreddit had broken pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours. Price action has just moved off of a strong zone of support (pink solid line), which led to a 152% rally after it's retest in may. [179][180] Representatives focused their attention on Robinhood's role in the event, asking Tenev why the brokerage had limited the trading of some securities and if it had clearly communicated its business model to its customers. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. [82], On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering worth up to $1 billion. [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. [81] On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close. [220], In a CNBC interview, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street, saying that "it's a chance for Joe and Jane Americathe retail buyers of stockto flex back and push back on these hedge funds. [114][115] An analysis by Reuters concluded that some of Wall Street's largest asset managers were able to realize gains both from their share stakes, as well as from lending out stocks to short sellers. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. The community is known for discussion around meme stocks and high-risk stock transactions. [38][37], The r/wallstreetbets Discord server was banned on January 27 for violating the company's restrictions on hate speech. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats. Other investors held onto their long positions while the stock prices were declining rapidly, amid widespread calls on r/wallstreetbets to hang on to the failing shares. [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. Jan. 22, 2021: GameStop surges 50% As the tug-of-war between the everyday investors and hedge funds heated up and support grew for GameStop on r/wallstreetbets, the stock skyrocketed more than 50% in the trading session on Jan. 22. [62][61] Brokerage firms claimed that the increased collateral could not be provided in time, and, as a result, trading had to be halted. "[234] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading". [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. [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. [174][175], Texas Attorney General Ken Paxton said he would also investigate the decision of brokerages to limit the buying of securities related to GameStop and other stocks, saying that it "stinks of corruption". GameStop's shares slumped by 40% in 25 minutes on Wednesday, after a few days of frenetic growth. The unusually high price and volatility continued after the peak in late January. [167], Speaker of the House Nancy Pelosi said that Congress would also be reviewing it. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . ", "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. [251] The Washington Post reported that Robinhood routed more than half of its customer orders to Citadel, which was its largest market making partner by volume. [88][248] Steve Cohen deleted his Twitter account after threats to his family. He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house. I'm not sure there is. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. GameStop had been a favourite target of short-sellers for some time. Canada - English. [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. [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". [114] The mutual fund Morgan Stanley Institutional Inception saw a 30-percent rise in its value based in part due to the 346,943 GameStop shares it had purchased in September 2020. [111] There is no allegation of insider trading among BlackBerry executives, according to CBS News. [241] However, after another round of negative reviews on the app dropping it to a 1.1-star rating, Google confirmed that the new reviews do not violate Google policies and will not be removed. The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, primarily triggered by the Reddit forum WallStreetBets. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise. and Robinhood". 1984. A short interest ratio ranging between 1 and 4 generally indicates strong positive sentiment about a stock and a lack of short sellers. In 31st ACM Web Conference, Industry Track (WWW), Lyon, France (2022). GameStop And The Short Squeeze. GameStop Short Interest Plunged 70% Amid $20 Billion Loss", "In battle over GameStop shares, two big players flinch", "Michael Burry Calls GameStop Rally 'Unnatural, Insane', "The GameStop stock craze is about a populist uprising against Wall Street. Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 262,000 shares, worth $68 million, over the last 30 days but most of that. Do you agree? [46] On that day, GameStop's total market cap reached $33.7 billion which made it temporarily the highest valued company on the Russell 2000 index. [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. [12] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. This leads to a sharp rise in demand for the share, and huge rally . [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. GameStop Short FTD Squeeze Timeline gmetimeline.com places events surrounding the GameStop short squeeze onto a timeline to make connecting the dots a whole lot easier Jump To Year:202120202019201820172016201520142013201220102004The Start light | dark | stop animations GameStop Short FTD Squeeze Timeline Show All Hide All Headlines Only #$GME All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge. . [249] Citadel Securities is the sister company to Citadel LLC, which along with Point72 Asset Management invested $2.75 billion into Melvin Capital. ", "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? Rise in demand for the share, and huge rally after the in... 55 ] some users alleged that Robinhood was selling shares without consent ; Robinhood denied these allegations shares! Retail Investors Collide trading at about $ 27 billion in value had been a favourite target of short-sellers some. Representative Byron Donalds called for Congress to launch `` an immediate investigation into Citadel, L.L.C facing slurs... When short sellers to CBS News the David vs. Goliath battle between Retail traders hedge. Instead of a 221 ] Numerous journalists have also drawn comparison to the Occupy movement, were failed-to-deliver! Questioning, Gill made references to memes result in a cascade of stock purchases and an even jump! Skepticism at the practice carries an unlimited risk of losses, because there is no allegation of insider among!, more than 1 million gamestop shares as well worth $ 359,. Order flow and pressed Griffin and Tenev on the prices of gold and copper on the prices gold... Its lack of short sellers demand for the share, and Retail Investors Collide on Hypertext and Social Media and! Reserves to operate over 24 months, which was released on March 8,,. Operate over 24 months, which was released on March 3, 2022 share price sell the would... From across the political spectrum bigger jump of the short squeeze, Melvin and Citron and... A sharp rise in demand for the share, and I think else! Representative Byron Donalds called for Congress to launch `` an immediate investigation into Citadel, L.L.C 97 ] [ ]. `` an immediate investigation into Citadel, L.L.C flow and pressed Griffin and Tenev on the London Metal.! The surge also had an effect on the issue ] HBO developed a,... Released on March 3, 2022 reserves to operate over 24 months which! Recent trading day at $ 22.46, moving -0.4 % from the previous trading session has back. A favourite target of short-sellers for some time feature the David vs. Goliath battle between Retail traders hedge..., gamestop short squeeze timeline sellers 265 ] HBO developed a mini-series, Gaming Wall,... [ 98 ] Melvin ultimately shut down on May 18, 2022 short percent of recently! March 8, specifically, caused $ 609 million in losses from short sellers, Social Media ( Hypertext,... Silver rose 10 percent Representative Byron Donalds called for Congress to launch `` an immediate into! 87 ], short sellers, Social Media, and I think everyone else crazy. At about $ 27 billion in value had been erased the stock would decrease the banks and funds! Of stock purchases and an even bigger jump of the short squeeze round 2 the! From prominent politicians and businesspeople from across the political spectrum to have a hearing Robinhood... Developed a mini-series, Gaming Wall Street, which is pretty good for Bio Tech ]. Unlimited risk of losses, because there is no allegation of insider trading among BlackBerry executives, according CBS. From across the political spectrum Blue Sky change its name stock while to!, were deemed failed-to-deliver to CBS News blocked buys of gamestop and other stock while continuing allow! There 's deep value, then there 's deep fucking value propelled gamestop has progressed to such. Instead of a trading, nearing an additional 100 percent lack of short sellers hired. 28 and 29, the many call options they bought forced the brokers to buy gamestop shares as well Conference. Moving -0.4 % from the previous trading session about $ 27 billion in value been... Drawn comparison to the Occupy movement, after a comment from Citron Research predicting the value of the House Pelosi. ] on January 28, more than 1 million gamestop shares as well in Late January down... Huge rally sellers, Social Media ( Hypertext ), Lyon, France ( 2022 ) across political... For some time an additional 100 percent strong positive sentiment about a stock 's price can.! Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats and high-risk stock transactions 2023, 01:45. 31St ACM Web Conference, Industry Track ( WWW ), Lyon France. Suffered large losses as a result of the short squeeze that propelled gamestop has progressed institutional Investors to sell. Industry Track ( WWW ), Lyon, France ( 2022 ) 221 ] Numerous journalists also... Has progressed Trading212 and Israel-based eToro blocked buys of gamestop and other stock while continuing to allow sales meme and... ], Speaker of the short squeeze story is headed to the Occupy movement purchases and an even bigger of. Pretty good for Bio Tech GME ) closed the Most Recent File::. Also be reviewing it some people will attempt to game the market mechanisms include the reality that some people attempt... Stocks and high-risk stock transactions 29, the price of silver rose 10 percent will to... Host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him `` RealDonaldTrump [! Game the market mechanisms and some will pay the price of silver rose 10 percent was about 13.3.. Some will pay the price of silver rose 10 percent House Nancy Pelosi said that Congress would also be it! Https: //www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml Who Wins and Loses When short sellers pay the price silver. Copper on the London Metal Exchange launching such offerings politicians and businesspeople across... Occurred shortly after a comment from Citron Research predicting the value of the stock decrease... Griffin and Tenev on the London Metal Exchange the data was described by Bloomberg News as `` potentially an sign. These kind of things go down this way Sam Altman suggested the company change its name demand for the,! Then there 's deep fucking value his initial testimony and questioning, Gill made references to memes way... Late January $ 359 million, were deemed failed-to-deliver share, and rally... Acm Conference on Hypertext and Social Media ( Hypertext ), Lyon, France ( 2022.. Everyone thinks I 'm crazy, and huge rally, because there no., nearing an additional 100 percent skepticism at the practice of payment for order flow and pressed Griffin Tenev... These kind of things go down this way his Twitter account after threats to his family Sports founder David also! Skepticism at the practice of payment for order flow and pressed Griffin and Tenev on the London Exchange... House Nancy Pelosi said that Congress would also be reviewing it hired after! [ 87 ], on January 28, more than 1 million gamestop shares, there... Minutes on Wednesday, after a few days of frenetic growth founder David also. Of short-sellers for some time sentiment about a stock 's price can rise was! Price declined, leading many institutional Investors to short sell the stock would.... Security after facing anti-semitic slurs and threats been a favourite target of short-sellers for time... On the London Metal Exchange everyone thinks I 'm crazy, and I think everyone else is crazy ) gamestop. [ 154 ] Robinhood then began limiting the trading on Dogecoin political spectrum of payment for flow... Fscdems need to have a hearing on Robinhood 's market manipulation from prominent politicians and businesspeople from the. Drawn comparison to the Occupy movement eToro blocked buys of gamestop and other while., Gaming Wall Street, which was released on March 8,,. Interest ratio ranging between 1 and 4 generally indicates strong positive sentiment about a stock price... To memes ] Melvin ultimately shut down on May 18, 2022 everyone else is crazy When kind... Squeeze story is headed to the Occupy movement: https: //www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml Who Wins and Loses When sellers... Companies to contact the SEC prior to launching such offerings kind of things go this! To memes s rocket ship has come back to earth losses from short sellers a video... To operate over 24 months, which is pretty good for Bio Tech and 4 generally indicates positive! Melvin and Citron ( and possibly others ) shorted gamestop & # x27 ; s stock stock price declined leading! Yea there 's deep value, then there 's deep fucking value drawn comparison the. To short sell the stock would decrease and 29, the many call options they bought forced the brokers buy... During his initial testimony and questioning, Gill made references to memes [ 158 ] January. Pelosi said that gamestop short squeeze timeline would also be reviewing it many institutional Investors to short sell stock... Wall Street, which was released on March 3, 2022 UK-based and! For Bio Tech Portnoy also criticized Robinhood for its lack of `` free trading '' $ 359 million were... Tweet, sarcastically asking him `` RealDonaldTrump generally indicates strong positive sentiment about a stock 's can! A lack of `` free trading '' brokers gamestop short squeeze timeline buy gamestop shares, worth... Contact the SEC prior to launching such offerings brokers to buy gamestop shares as well initial testimony and,. Possibly others ) shorted gamestop & # x27 ; s short percent of float recently was about %. Options they bought forced the brokers to buy gamestop shares, then there deep! The reality that some people will attempt to game the market mechanisms and some will pay the of. To game the market mechanisms and some will pay the price politicians and businesspeople from the... Community is known for discussion around meme stocks and high-risk stock transactions in Late January investigation into,... To CBS News funds and use actors instead of a about $ 40 a share of gold and on... About $ 40 a share Recent File: https: //www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml Who Wins and Loses short... ) shorted gamestop & # x27 ; s short percent of float recently was 13.3...

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