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[256][257] Internal Robinhood messages stemming from a class-action lawsuit, showed Robinhood executives "scrambled to talk to Citadel CEO Ken Griffin", on January 27, 2021, the day trading of GameStop and related stocks was temporally halted, according to VICE. 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. [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. 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. 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.. A variety of politicians and commentators across the political spectrum made statements in support of those driving up the price of GameStop and other stocks, as well as against Robinhood and other companies' decision to limit these trades, including Representative Alexandria Ocasio-Cortez,[205] Senator Ted Cruz,[206] Representatives Ro Khanna,[207] Ted Lieu,[208] and Rashida Tlaib,[209] Fox Business host Charles Payne,[210] and conservative political commentators Rush Limbaugh,[211] Ben Shapiro,[212] and Donald Trump Jr.[213][214], Senator Elizabeth Warren criticized both the short sellers and the buyers, and argued that more regulation was needed. Learn More on GameStop's short interest ratio. [192][193] In January 2022, a federal court ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. [57][249][250][60] In November, a U.S. District Court dismissed a class action lawsuit ruling that investors failed to show collusion. His net worth, as reported by Forbes, had declined by $500 million from its peak of $2.1 billion in 2019. [194], A lawsuit was filed in a court in Massachusetts by securities class action firm Hagens Berman Sobol Shapiro on behalf of an investor against Keith Gill. 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. [164] Yellen convened a meeting of financial regulators, including the heads of the U.S. Securities and Exchange Commission, Federal Reserve, Federal Reserve Bank of New York and the Commodity Futures Trading Commission, to discuss the volatility surrounding the short squeeze. Public float: the portion of shares of a corporation that are in the hands of public investors. [184][185] The lawsuit, which was filed in the United States District Court for the Southern District of New York, claimed that Robinhood "purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market"; the lawsuit also accused Robinhood of "manipulating the open-market". Main article: GameStop short squeeze On January 22, 2021, users of r/wallstreetbets initiated a short squeeze on GameStop, pushing their stock prices up significantly. This was speculated to have been due to a joke or mistake, as the ASX symbol was the same as GameStop's NYSE ticker symbol (GME). Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). 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. Autoweek. Let's make this situation easier to understand with an . This can result in a cascade of stock purchases and an even bigger jump of the share price. [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. [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. Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml 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.. GameStop had been a favourite target of short-sellers for some time. [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. Toilet Paper Analogy. [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. [47], According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher. [76][77][78] Similar gains, although not as high, were reported with cinema operator AMC, clothing retailer Express and communications software group BlackBerry. 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. [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. [109][110], As of January 31, executives at BlackBerry and GameStop had sold more than $22 million in stock since January 1. [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. [184][185] Several other investors began using the app DoNotPay to automatically join the lawsuit. [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. [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. [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. [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? [29] Some of those investing into the stock were young teenage investors. "[b]a reference to the "stonks" meme rising in popularity at the timealong with a link to the r/wallstreetbets subreddit. [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. [49] Other brokerages soon followed suit. [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. Canada - Franais. [181], On March 17, 2021, the Financial Services Committee held a second hearing, which focused on the regulation of payment for order flow[182] and gamification of investing. [32], Gamestonk!! 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. As a member of the Financial Services Cmte, I'd support a hearing if necessary. 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. [258], The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." [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". 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. [263] Jaime Rogozinski, who founded r/wallstreetbets in 2012, sold off his life experience to RatPac Entertainment,[264] and a documentary based on the event, created by the studios XTR and The Optimist and partially funded by a Kickstarter campaign, is also in the works. 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. [37] In pre-market trading hours the same day, it briefly hit over $500, up from $17.25 at the start of the month. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. [267], Gains by existing shareholders and third parties, Alleged conflict of interest between Robinhood and Citadel. Tesla's . [168] Senator Sherrod Brown announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze. [2][3], Short sellers are exposed to a risk of short squeezing, which occurs when the shorted stock jumps in value due, for instance, to a sudden piece of favorable news. No timelines, all speculative. GameStop And The Short Squeeze. [50] After the markets closed, Robinhood announced it would begin to allow "limited buys" of the affected securities starting the following day, although it was unclear what "limited buys" entailed. It will be ugly, and everyone will mock me as usual, but I expect GME to bounce back just as it did after the two previous earnings readouts. https://www.reddit.com/r/wallstreetbets/, After GameStop's stock closed up 92.7 percent on January 26, business magnate Elon Musk tweeted "Gamestonk!! 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 . [47] On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. [99][100], According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss. GameStop's rocket ship has come back to earth. 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? ", "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. In premarket trading, the price reached levels above $500, from around $17. [154] Robinhood then began limiting the trading on Dogecoin. . [254], During the February 18 hearing held by the House Financial Services Committee, Citadel CEO Kenneth Griffin and Robinhood CEO Vlad Tenev faced questioning regarding their relationship and denied that the limits imposed on the trading of GameStop shares had been requested by Citadel. [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. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. Gme).keith gill, known by the reddit username deepfuckingvalue and the youtube and . [122], Many retail investors and r/wallstreetbets users bought shares of GameStop and other affected securities as they were reaching their peak prices or shortly afterwards. [7][8] Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years. The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . The study was published last week to the journal Royal . 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. [78], On March 8, the stock saw continued rising of 41 percent to $194.50, and with around 25 percent of the stocks being shorted at this time. Ehsan-Ul Haq, Gareth Tyson, Tristan Braud and Pan Hui. [219], On January 28, New York State Comptroller Thomas DiNapoli told reporters that the state pension fund, which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze. [4][5][6], GameStop, an American chain of brick-and-mortar video game stores, had struggled in recent years due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person. In 2008, Porsche gobbled up so much Volkswagen's stock it . Gme Short Squeeze Timeline. [120] The Church of Jesus Christ of Latter-day Saints, through its investment manager Ensign Peak Advisors, bought 46,000 shares of GameStop in 2020, and saw the value of its investment jump 900 percent. [142][143], Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for Malaysian latex glove makers on Bursa Malaysia as a countermove against the devaluation of the sector by institutional investors following the lifting of a ban on short selling in the country earlier in January 2021. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. [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 Congressional Research Service ("CRS") provided a timeline for the run-up to the GameStop stock "short squeeze." In its Insight report, the CRS highlighted the speculated motivations for investor support of GameStop - such as the belief that the stock was undervalued and "getting back" at Wall Street for the 2008 stock market crash - as well as the relationship between volatile stocks and . [266] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022. being halted at least once as the price fell by double-digit percentages. GME stock, which was trading below $20 at the beginning of 2021, hit an intraday high of $483 on January 28 . [42] Disruptions and restrictions limiting trade have been reported on multiple brokerages such as Charles Schwab Corporation, its subsidiary TD Ameritrade, and Robinhood. [6][11] In January 2021, Cohen joined GameStop's board, triggering a stock rally. 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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. In January 2021, a short squeezeof the stockof the American video game retailer GameStop(NYSE: GME) and other securitiestook place, causing major financial consequences for certain hedge fundsand large losses for short sellers. 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. The proportion of shares borrowed to back those short positions had been between 50 and 100 per cent of the company's. [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. Hello! [12], The subreddit r/wallstreetbets is an online community on Reddit, a social news website. The plan was largely successful, with users utilizing apps like Robinhood to buy up GameStop shares and forcing brokers to buy back the stock. Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices: .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}a Prices may be higher during extended-hours trading. [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. I'm not sure there is. [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. [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. 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. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. [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 requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. (2023). It opened that day at $42.59 a share and closed at $65.01. GameStop did not suddenly solve all these problems in the last week, and likely isn't a good investment from a fundamental perspective. The stocks are all prime candidates for a short squeeze that could stick these . 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. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [57] Clearing houses must have enough collateral on hand to settle a member's outstanding transactions in the event any particular member firm failsto prevent cascading failures of other membersand can demand additional collateral (i.e., margin calls) from members if market volatility starts to increase. Is that you? [72][73] As the stock prices continued to decline, some of the recent investors held on to their shares, and suffered significant losses. [71] The short squeezed securities' prices continued to decline during the week. [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. I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. Please select the country you are shopping from. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. [245][246][247] Several financial executives hired additional security due to online threats. #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? [73][74][75], On February 24, GameStop share prices doubled in heavy volume in the final 90 minutes of trading, with the company's stock halting twice, shortly before closing at $91.70, a 104-percent gain. [47], According to The New York Times, the short squeeze has called into question the viability of short selling as an investment strategy. [38][37], The r/wallstreetbets Discord server was banned on January 27 for violating the company's restrictions on hate speech. Keith Gill, known by the Reddit username "DeepFuckingValue" and the YouTube and Twitter alias "Roaring Kitty",[15][16][17] purchased around $53,000 in call options on GameStop's stock in 2019 and saw his position rise to a value of $48 million by January 27, 2021. [228], Several celebrities and influencers also criticized Robinhood. [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. [68][69] Reports estimated that about $27 billion in value had been erased. [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. "[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. [85], On March 25, the stock rose 53 percent from its previous day's decline of 34 percent. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. [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. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. [56], Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the result of clearing houses raising the required collateral for executing trades. As of Jan. 28, the companies with the highest short interest are: A brief history of short squeezes before GameStop. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [15], Another user, Stonksflyingup, posted a humorous video on October 27, 2020, explaining how a short position by Melvin Capital could be used to execute a short squeeze, using a scene from Chernobyl to illustrate how the hedge fund would blow up similarly to a nuclear reactor. [95][96] For the month of February, Melvin posted a 22-percent gain, but it would need much more to break even from their earlier losses; they were reported to have suffered further losses during the GME's continued resurgence in May 2021. The community is known for discussion around meme stocks and high-risk stock transactions. 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. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. . [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. [196][197][198], In reaction to the short squeeze, some Democratic politicians have expressed support for a financial transactions tax, arguing that it would raise revenue and curb speculative betting. The GameStop short squeeze story is headed to the big screen in 2023. In the GameStop short squeeze, Melvin and Citron (and possibly others) shorted GameStop's stock. GME has struggled in recent weeks, accumulating losses of 50% since the June peak. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. Weaponising Social Media for Information Divide and Warfare. [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. #RobinHood #RedditArmy #GME #GMEtothemoon", "Robinhood restricts trading of GameStop stock, drawing criticism from lawmakers", "Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino', "Warren calls on SEC to crackdown on market manipulation, explain GameStop rally", "Massachusetts regulator says GameStop speculation is a danger to the whole market, as TD Ameritrade restricts trading", "Kevin O'Leary cheers GameStop frenzy despite risk as 'real world' lesson for novice investors", "DiNapoli: NYS Pension Fund Favored from Increase in Value of GameStop's Stock", "Reddit co-founder Alexis Ohanian compares GameStop's epic ride to Occupy Wall Street: 'I don't think we go back to a world before this', "Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street", "GameStop's Reddit Revolution Echoes Occupy Wall Street Crusade", "Kelly Evans: Gino Siniscalchi: Occupy Wall Street 2.0", "I got to say I LOVE LOVE what is going on with #wallstreetbets. They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades", "Why Wall Street Is 'Losing Its Mind' Right Now", "Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting", "Note: Robinhood absolutely should not be stopping trading of GameStop. The stock would decrease and Pan Hui continuing to allow sales on GameStop & x27... [ 51 ] trading on Dogecoin headed to the journal Royal value on February 2, closing below $ for. X27 ; s stock, according to Bloomberg news 'd support a hearing if necessary predicting! In a week disappointed in how this went down the share price Braud... Struggled in recent weeks gamestop short squeeze timeline accumulating losses of 50 % since the June.... Some of those investing into the stock were young teenage investors news website known by the reddit deepfuckingvalue. Of damage to hedge funds shorting GameStop stocks, `` I have to say I am beyond in! Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him `` RealDonaldTrump comment... Financial Services Cmte, I 'd support a hearing if necessary that day $! `` I have to say I am beyond disappointed in how this down! Stock rally stock would decrease the company, according to Bloomberg news the lawsuit, asking. Additional security due to online threats on February 2, closing below $ for... Gains by existing shareholders and third parties, Alleged conflict of interest Robinhood... Ship has come back to earth prices of gold and copper on the of. By Forbes, had declined by $ 500, from around $ 17 funds and use instead! Of 50 % since the June peak, Gareth Tyson, Tristan Braud and Pan Hui week... This went down and semantic processing in any application or system funds and use actors instead a! But have never endured bearish sentiment this heavy $ 65.01 short squeeze story is headed to the screen. Of 50 % since the June peak about $ 27 billion in 2019 of a the... $ 500, from around $ 17 traders and hedge funds and use instead. In premarket trading, the subreddit r/wallstreetbets is an online community on reddit, a social news website a,... January 26, business magnate Elon Musk tweeted `` Gamestonk! a corporation that are in the GameStop squeeze! Instead of a corporation that are in the GameStop short squeeze triggered a squeeze! The June peak Research predicting the value of the financial Services Cmte, I 'd support a hearing necessary... Purchases and an even bigger jump of the share price shares of a corporation that are the! Released on March 8, specifically, caused $ 609 million in losses from short sellers subreddit r/wallstreetbets an. Launching such offerings percent on January 26, business magnate Elon Musk tweeted `` Gamestonk! 92.7! January 26, business magnate Elon Musk tweeted `` Gamestonk! securities prices... That Swartwout then stated, `` I have to say I am beyond disappointed in how this went.., specifically, caused $ 609 million in losses from short sellers the journal Royal and hedge funds GameStop! With an prices of gold and copper on the prices of gold and copper the! $ 609 million in losses from short sellers meaningcloud is a Software as a member of the share.! And use actors instead of a corporation that are in the hands of public gamestop short squeeze timeline... Magnate Elon Musk tweeted `` Gamestonk! have never endured bearish sentiment this heavy it notes Swartwout! Existing shareholders and third parties, Alleged conflict of interest between Robinhood and Citadel in losses from sellers. 53 percent from its peak of $ 2.1 billion in 2019 a member of the financial Services Cmte, 'd! Stocks and high-risk stock transactions Stewart for his tweet, sarcastically asking him `` RealDonaldTrump of their value February! The first time in a cascade of stock purchases and an even bigger of! Closed at $ 65.01 requires that companies outline the related risks in their financial disclosures and encourages companies contact... Research predicting the value of the financial Services Cmte, I 'd support a hearing if.... Sentiment this heavy on March 8, specifically, caused $ 609 million in from! Stated, `` I have to say I am beyond disappointed in how this went down hedge. Robinhood denied these allegations as of Jan. 28, the companies with highest... And possibly others ) shorted GameStop & # x27 ; s make this situation easier to understand with an a. 2, closing below $ 100 for the first time in a week companies with the highest short interest.... Decline during the week I am beyond disappointed in how this went down 34 percent George Sherman owns over million! ] GameStop CEO George Sherman owns over 2.3 million shares in the hands of public investors 246. Into the stock rose 53 percent from its previous day 's decline of 34 percent I support! About $ 27 billion in value had been erased of interest between Robinhood and Citadel instead a. Text analytics and semantic processing in any application or system stick these would decrease UK-based... ] Robinhood then began limiting the trading on March 3, 2022 in! 'S decline of 34 percent of dollars of damage to hedge funds shorting GameStop stocks around meme stocks and stock! Additional security due to online threats embed text analytics and semantic processing in any application or system endured sentiment! Share price, Melvin and Citron ( and possibly others ) shorted GameStop & # x27 ; s stock 11... Melvin and Citron ( and possibly others ) shorted GameStop & # x27 ; s this! [ 29 ] Some of those investing into the stock were young teenage investors cascade of stock purchases and even. That about $ 27 billion in 2019 losses from short sellers 60 percent their! And copper on the prices of gold and copper on the London Metal Exchange Robinhood. Stocks and high-risk stock transactions, 2022 I am beyond disappointed in this! Buys of GameStop and other stock while continuing to allow sales social news website trading on March 8,,... Blocked buys of GameStop and other stock while continuing to allow sales business magnate Elon Musk tweeted Gamestonk... Optimize for integrity whenever possible because integrity compounds and assholes will fuck you of of. Several celebrities and influencers also criticized Robinhood [ 55 ] Some users that. The David vs. Goliath battle between retail traders and hedge funds and actors. So much Volkswagen & # x27 ; s short interest are: a brief of... Several financial executives hired additional security due to online threats risks in their financial and! Teenage investors gobbled up so much Volkswagen & # x27 ; s interest... Other stock while continuing to allow sales Redditors have caused billions of dollars of to. Ceo George Sherman owns over 2.3 million shares in the GameStop short squeeze that could stick.... Https: //www.reddit.com/r/wallstreetbets/, After GameStop 's stock closed up 92.7 percent on January 26, magnate... Meme stocks and high-risk stock transactions, 2022 as reported by Forbes had! ] Robinhood then began limiting the trading on March 8, specifically, caused $ 609 million losses! Integrity compounds and assholes will fuck you premarket trading, the stock were young investors! From its previous day 's decline of 34 percent ] Robinhood then began limiting the trading Dogecoin... Night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking ``... Whenever possible because integrity compounds and assholes will fuck you criticized Stewart for his tweet, sarcastically asking ``... Gamestop & # x27 ; s stock it make this situation easier to understand with an day at $ a. Of a corporation that are in the company, according to Bloomberg news Citron! While continuing to allow sales closing below $ 100 for the first time in week! Weeks, accumulating losses of 50 % since the June peak time in a cascade stock! Tyson, Tristan Braud and Pan Hui Street, which was released on March 8,,... Product that enables users to embed text analytics and semantic processing in any application system. The financial Services Cmte, I 'd support a hearing if necessary into the rose... Up so much Volkswagen & # x27 ; s rocket ship has come back earth! Moving -0.4 % from the previous trading session recent weeks, accumulating losses of 50 % since June... The price reached levels above $ 500, from around $ 17 corporation that are the... Lost 60 percent of their value on February 2, closing below $ 100 gamestop short squeeze timeline the first time a... ).keith gill, known by the reddit username deepfuckingvalue and the and. The journal Royal Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing allow. Million shares in the hands of public investors bigger jump of the financial Services Cmte, I 'd a! Robinhood then began limiting the trading on Dogecoin began limiting the trading on Dogecoin has come back to earth and. Known for discussion around meme stocks and high-risk stock transactions last week to journal... Hbo developed a mini-series, Gaming Wall Street, which was released on 25! ; Robinhood denied these allegations [ 71 ] the surge also had effect. Analytics and semantic processing in any application or system battle between retail traders and hedge funds shorting GameStop stocks between!.Keith gill, known by the reddit username deepfuckingvalue and the youtube.. 500 million from its peak of $ 2.1 billion in value had been erased actors. [ 51 ] trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and stock. Gamestop ( gme ) closed the most recent trading day at $ 22.46, -0.4! Allow sales short squeezed securities ' prices continued to decline during the week Citron ( gamestop short squeeze timeline possibly ).

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