In early 2021, a group of retail investors realized that GameStop shares had been recklessly over-shorted by major investors. Big funds, certain that the retailer was about to collapse, had shorted 140 percent of the company’s entire public shareholding. Individuals, who co-ordinated their efforts via a subreddit called r/WallStreetBets, knew that they could exploit this vulnerability. They bought up all of the outstanding GameStop stock and drove up the price, forcing the big funds to pay over the odds to avoid losing a fortune when their bet spectacularly backfired.
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‘Diamond Hands’ offers a good, if narrow portrait of the GameStop stock squeeze
16th March 2022, 05:40
‘Diamond Hands’ offers a good, if narrow portrait of the GameStop stock squeeze 
