Gamestop mania is pretty much prevalent now.

As it has been plastered all over traditional media lately, there's full blown "war" between social media, namely Reddit, and Wall Street, over a number of stocks. We're looking particularly at GameStop here (GME), but also at AMC, Nokia and even BlackBerry that have been significantly impacted by an army of retail investors that have been organising themselves on Reddit WallStreetBets.

Why did this happen? A hedge fund has shorted (bet on lowering of the price) GameStop, considering it a falling retailer and rather close to bankruptcy. They shorted 140% of the shares (more than available shares), Wallstreet Bets (Reddit) has latched on to it and pushed GameStop up from about 5-6 dollars a share to about 350 dollars yesterday. This led to the hedge fund Melvin Capital losing hundreds of millions of dollars on their positions, which attracted even more attention and pushed the GameStop stock even higher.

This new legion of day traders, equipped with free trading platforms, spare cash, and boredom, has set its sights on a growing list of US-listed companies over the past several weeks.

GameStop, a games retailer whose shares have been sent flying by gangs of traders co-ordinating moves on Reddit, sits at ground zero of a battle that has shown these have-a-go investors are no longer just a sideshow.
https://www.ft.com/content/56e8b33a-...b-327ef54c4d5a

This is pretty much market manipulation by a group, but not done by Wall Street (what a shocker!).



Thoughts?