The Internet Is Having A Field Day With The GameStop Stock Situation

views
0

Video game retailer GameStop has been in the news all week, as a hedge fund attempt to “short” stock and make a quick buck met unlikely resistance in the form of subreddit group r/wallstreetbets.

Users of the social media platform decided to throw their weight behind GameStop, bought up as much stock as they could, and in turn managed to drive up the value of the company while costing hedge funds billions in the process.

This resulted in a turbulent week on the stock exchange, as short-seller Citron Research and r/wallstreetbets exchanged verbal blows, investment app Robinhood temporarily stopped users from trading GameStop stock, and the White House began officially “monitoring” the situation.

Continue Reading at GameSpot

About author

GameSpot

GameSpot is a video gaming website that provides news, reviews, previews, downloads, and other information on video games. The site was launched on May 1, 1996, created by Pete Deemer, Vince Broady and Jon Epstein. It was purchased by ZDNet, a brand which was later purchased by CNET Networks.