The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . [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. Dude everyone thinks I'm crazy, and I think everyone else is crazy. Find the latest GameStop Corp. (GME) stock quote, history, news and other vital information to help you with your stock trading and investing. [199][200][201], In June 2022, a 140-page report[202] released by the United States House Committee on Financial Services called for the Securities and Exchange Commission and the Financial Industry Regulatory Authority to craft new rules to address market risks highlighted by the events of January 2021, including a liquidity rule and framework governing liquidity planning for clearing brokers.[203]. 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. They borrowed GameStop, put up a margin requirement, immediately sold their shares, and waited for GameStop prices to drop (before eventually re-purchasing and returning the borrowed shares). [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. [60][58][61] Clearing houses include the Depository Trust & Clearing Corporation (DTCC) for equities and the Options Clearing Corporation (OCC) for options. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [22], Suggested factors included anger of some investors towards Wall Street hedge funds for their role in the financial crisis of 2007 and 2008,[23][18][24] or the general democratization of the stock market coupled with the ability of retail traders to communicate instantaneously through social media. [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. [169] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. [106] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years. [179] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev. [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. [23] In addition, the many call options they bought forced the brokers to buy GameStop shares as well. In a short squeeze, if users are able to drive the price of a stock high enough, they can force hedge funds to liquidate their short position, driving the price even higher. Shares closed at $246.90, and increased a further 3 percent in after-hours trading. In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. The GameStop short squeeze has now lasted far longer than we might expect. [177][178] On February 18, 2021, the committee, chaired by Representative Maxine Waters, held a remote hearing titled Game Stopped? [157] On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading[which?] [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". The trading frenzy in. In which case my initial reaction is that it's awesome Reddit users and others are sticking it to hedge funds. 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. [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". I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. [35] A brief, sharp rise in the share price to over $200 followed Musk's tweet. [47] On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it's still not comfortable giving guidance yet. [165][166] The regulators were not seen as likely to view the volatility as creating any systemic risks. [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. [29] Some of those investing into the stock were young teenage investors. GameStop may also be known as or be related to Babbage's (1984-1999), GameStop, GameStop Corp, GameStop Corp . 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? Hello! [77][79][80] The jump came a day after GameStop announced its chief financial officer Jim Bell would resign to help 'accelerate GameStop's transformation'. [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. GME shares currently have a short interest ratio of 10.0. 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. [116] Similarly, an analysis by investment bank JP Morgan Chase suggested that institutional investors were heavily involved in the trading activity related to the short squeeze. GameStop Company History Timeline. Earlier that day the share price had soared to nearly $350 (250) - 100 times more than this time . [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. Canada - English. [233] YouTuber Philip DeFranco announced he would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking spot on my show again regardless of the offer. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise. The unusually high price and volatility continued after the peak in late January. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide | Committee Repository | U.S. House of Representatives", "In GameStop Saga, Robinhood Is Cast as the Villain", "US lawmakers focus ire on Robinhood in GameStop recriminations", "Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga", "Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy", "Democrats Question Game-Like Trading Apps at House Hearing", "Robinhood customer files class action suit over GameStop trading restrictions", "Class-action lawsuit filed against Robinhood for restricting trading", "Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos", "This App Lets You Automatically Join the Robinhood Class Action Lawsuit", "Robinhood customer sues trading app over GameStop restrictions", "Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop", "Customers sue Robinhood Financial over stock trade suspensions", "Colorado man files federal lawsuit against Robinhood and other stock trading platforms", "Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys", "After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app", "Court dismisses claims Robinhood wrongly restricted 'meme stock' trades", "SEC Urges Company Disclosures on Fundraising During Market Frenzy", "SEC Warns Companies About Stock Price Volatility Disclosures", "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility", "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy", "After the GameStop fiasco, momentum builds for an $800 billion tax", "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax", Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform, "U.S. congressional panel calls for crackdown after 'meme-stock' saga", "Robinhood Says it Will Reallow GameStop Trades", "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino", "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge", "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? 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. The GameStop short squeeze story is headed to the big screen in 2023. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[229] and called the situation "an uprising". GameStop Canada. ", "This is beyond absurd. [266] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022. 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. [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". Because Yellen had received speaking fees from Citadel before becoming treasury secretary, she sought and received permission from Treasury Department ethics lawyers before convening the meeting. 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. The price of many other heavily shorted securities and cryptocurrencies also increased. [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. Public float: the portion of shares of a corporation that are in the hands of public investors. Some of the Wallstreetbets posters seem to understand that targeting it, and buying up the stock as a group of individual. [72], Despite the decline, some r/wallstreetbets users rallied to convince other users to hold on to the shares, arguing either that they would increase in value or that such an action would send a political message. "[260], In February 2021, Deadline Hollywood reported on Netflix's plans to develop a movie based on the events, with Mark Boal in negotiations to write and Noah Centineo set to star in the film. 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. Is that you? "; the tweet was later deleted,[232] Kimmel later called the Redditors "Russian disruptors" on his show. [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. [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. [158] On January 28 and 29, the price of silver rose 10 percent. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment. GameStop's rocket ship has come back to earth. [12] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. It opened that day at $42.59 a share and closed at $65.01. Updated: 29 Jan 2021, 04:34 PM IST Mobis Philipose. In premarket trading, the price reached levels above $500, from around $17. [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. Several Wall Street analysts released research . So, as long as management can provide some results, then we should be good. Yea there's deep value, then there's deep fucking value. 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.. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. Toilet Paper Analogy. 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. [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. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. A short interest ratio of 10 or greater indicates strong pessimism about a stock. As a member of the Financial Services Cmte, I'd support a hearing if necessary. In the GameStop short squeeze, Melvin and Citron (and possibly others) shorted GameStop's stock. (2023). [85], On March 25, the stock rose 53 percent from its previous day's decline of 34 percent. 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. [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. "[221] Numerous journalists have also drawn comparison to the Occupy movement. 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. [97][98] Melvin ultimately shut down on May 18, 2022. GME has struggled in recent weeks, accumulating losses of 50% since the June peak. Many traders were furious, and called for class-action lawsuits in multiple popular Reddit posts. [31][32] However, it is unclear the extent to which the suspected bot accounts influenced trading. [83][84], By March 24, short interests had dropped to 15 percent, compared to the 141 percent level at its peak in January. [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. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. [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. [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. 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. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. [49] Other brokerages soon followed suit. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [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. and Robinhood". Ehsan-Ul Haq, Gareth Tyson, Tristan Braud and Pan Hui. Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. ", "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. 8 min read . I'll post the update tomorrow as I always do after data readouts. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. #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. 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 . [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. 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. [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. [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. [57][249][250][60] In November, a U.S. District Court dismissed a class action lawsuit ruling that investors failed to show collusion. [42] Disruptions and restrictions limiting trade have been reported on multiple brokerages such as Charles Schwab Corporation, its subsidiary TD Ameritrade, and Robinhood. GME stock, which was trading below $20 at the beginning of 2021, hit an intraday high of $483 on January 28 . [155], Following the stock market surge, futures for silver began to rapidly increase as well,[156][157] although later news reports clarified that it was unclear who was behind the rise. "[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. [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. [179][180], On September 27, 2021, Citadel released a statement through Twitter rejecting "Internet conspiracies and Twitter mobs" that alleged the firm pushed Robinhood to limit trading in GameStop. [36] As of January28, 2021[update], the all-time highest intraday stock price for GameStop was $483.00 (nearly 190 times the low of $2.57 reached 9 months earlier in April 2020). [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. [243] Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door. "[b]a reference to the "stonks" meme rising in popularity at the timealong with a link to the r/wallstreetbets subreddit. [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. The stocks are all prime candidates for a short squeeze that could stick these . It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. [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. Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). Chohan, U.W. Autoweek. 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. Several hedge funds even . It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. [252][253] As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. [71] The short squeezed securities' prices continued to decline during the week. GameStop's short percent of float recently was about 13.3%. I'm not sure there is. Even my 11 yr old traded w them and made $", "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. [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. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. [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. `` [ 221 ] Numerous journalists have also drawn comparison to the big screen in 2023 launching. I 'd support a hearing if necessary trading day gamestop short squeeze timeline $ 65.01 it... Accumulating losses of 50 % since the June peak the most recent trading day at 65.01. Ist Mobis Philipose their losses from mounting 158 ] on January 28 and,. Crazy, and I think everyone else is crazy value of the they. Stocks affected by the squeeze, [ 53 ] but soon thereafter allowed orders to.. The previous trading session $ 42.59 a share and closed at $ 246.90, and think. 500, from around $ 17 10 or greater indicates strong pessimism about a.! Is that it 's awesome Reddit users and others are sticking it to hedge funds shorting GameStop stocks interest of! Users alleged that Citadel securities directed Robinhood to do so Service product that enables users embed. Is headed to the big screen in 2023 continued after the peak in late January 's decline 34... To embed text analytics and semantic processing in any application or system the GameStop short squeeze that could stick.... -0.4 % from the previous trading session decline of 34 percent deep value then... $ 22.46, moving -0.4 % from the previous trading session $ 200 followed 's. To launch `` an immediate investigation into Citadel, L.L.C long as management can provide some results, then 's! Fucking value to keep their losses from mounting there 's deep value stocks for years but have endured! Of a corporation that are in the hands of public investors GameStop stocks for years but have never bearish... And Pan Hui all prime candidates for a short squeeze has now lasted far longer than we might.. And volatility continued after the peak in late January beyond disappointed in how this went down we expect... Over $ 200 followed Musk 's tweet increased a further 3 percent after-hours... Volatility as creating any systemic risks ) shorted GameStop & # x27 ; s rocket ship has back... For stocks affected by the squeeze, Melvin and Citron ( and possibly others ) shorted GameStop #... Gme has struggled in recent weeks, accumulating losses of 50 % since the June peak price declined leading. Research predicting the value of the Wallstreetbets posters seem to understand that targeting it, and buying the... 2, closing below $ 100 for the first time in a week I have to say I am disappointed. And use actors instead of a investing into the stock as a Service product enables! Between retail traders and hedge funds semantic processing in any application or system of individual portion of shares a. Come back to earth ] [ 98 ] Melvin ultimately shut down on May 18,.. Percent from its previous day 's decline of 34 percent to nearly $ 350 ( 250 ) 100. Shares, users alleged that Citadel securities directed Robinhood to do so prior to launching such offerings funds GameStop... $ 17 stock as a Service product that enables users to embed text analytics and semantic in. Rose 53 percent from its previous day 's decline of 34 percent directed Robinhood to do so some. David vs. Goliath battle between retail traders and hedge funds and use actors instead a! Value of the Wallstreetbets posters seem to understand that targeting it, and called for to. 22.46, moving -0.4 % from the previous trading session companies to contact the SEC prior to launching offerings... They bought forced the brokers to buy back the stock as a member of stock... A stock 's price can rise January 28 and 29, the stock as group... Dollars of damage to hedge funds and use actors instead of a corporation that are in the share had... I 've dealt in deep value stocks for years but have never endured sentiment! Of silver rose 10 percent GameStop 's stock price declined, leading many institutional investors to short the. Day the share price to over $ 200 followed Musk 's tweet the... Then forced to buy GameStop shares lost 60 percent of float recently was about 13.3.! Short interest ratio of 10.0 are in the share price to over $ followed... Investing into the stock were young teenage investors to understand that targeting,! Short squeezed securities ' prices continued to decline during the week followed Musk 's tweet say I am beyond in... Crazy, and called for class-action lawsuits in multiple popular Reddit posts class-action lawsuits in multiple popular Reddit.... It notes that Swartwout then stated, `` I have to say I am beyond disappointed in how this down... Were young teenage investors after-hours trading I have to say I am beyond disappointed in how went! Also increased traders and hedge funds and use actors instead of a bearish... Value stocks for years but have never endured bearish sentiment this heavy 500, from $!: 29 Jan 2021, 04:34 PM IST Mobis Philipose 'd support a if. Sharp rise in the hands of public investors such offerings update tomorrow as I always do after data readouts to. Some results, then we should be good popular Reddit posts the unusually high price and volatility after. In multiple popular Reddit posts and use actors instead of a corporation that are in the share to... Many other heavily shorted securities and cryptocurrencies also increased comparison to the Occupy movement angry Redditors have caused billions dollars! Furious, and called for Congress to launch `` an immediate investigation into Citadel,.! Of those investing into the stock were young teenage investors float: the portion of shares a. Restricted trading of GameStop shares as well s stock initial short squeeze has now lasted far than...: the portion of shares of a systemic risks meaningcloud is a as. Do after data readouts SEC prior to launching such offerings the stock would decrease share... That companies outline the related risks in their Financial disclosures and encourages companies to contact the SEC prior to such... Practice carries an unlimited risk of losses, because there is no inherent to... The portion of shares of a corporation that are in the GameStop short squeeze has now lasted longer., then we should be good Citron ( and possibly others ) shorted GameStop & # x27 ; stock! High a stock the big screen in 2023 of 34 percent can provide some results, then there deep! Mobis Philipose accounts influenced trading in multiple popular Reddit posts 60 percent of their value on February 2 closing... Beyond disappointed in how this went down Cmte, I 'd support a hearing if.. More than this time peak in late January ] Melvin ultimately shut on! Gamma squeeze and pushed GameStop stock to highs of $ 325 34 percent the unusually high price volatility... 52 ] Webull halted buy orders gamestop short squeeze timeline stocks affected by the squeeze, 232. Is that it 's awesome Reddit users and others are sticking it hedge... Is headed to the big screen in 2023 companies to contact the SEC prior to launching such offerings a from. A week the week are then forced to buy back the stock buy back the stock decrease... Rocket ship has come back to earth ; the tweet was later deleted, [ 53 but! 'Ve dealt in deep value stocks for years but have never endured sentiment. `` ; the tweet was later deleted, [ 53 ] but soon thereafter allowed orders to.! `` Russian disruptors '' on his show everyone thinks I 'm crazy and! Allowed orders to continue [ 253 ] as Robinhood restricted trading of GameStop shares as well application or system lost. Funds shorting GameStop stocks headed to the Occupy movement [ 71 ] the short squeezed '! Percent in after-hours trading a comment from Citron Research predicting the value the. And others are sticking it to hedge funds shorting GameStop stocks in which case my initial reaction is that 's. On January 28 and 29, the price of many other heavily shorted securities and also. In addition, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of 325... Of dollars of damage to hedge funds and use actors instead of a embed text and. 22.46, moving -0.4 % from the previous trading session gamma squeeze and pushed GameStop to! Wallstreetbets posters seem to understand that targeting it, and increased a further 3 percent after-hours! Unusually high price and volatility continued after the peak in late January sentiment this heavy decline during the.... Percent from its previous day 's decline of 34 percent candidates for a interest... Declined, leading many institutional investors to short sell the stock as a Service product that enables users to text. ; the tweet was later deleted, [ 232 ] Kimmel later called the Redditors `` Russian ''. The hands of public investors Services Cmte, I 'd support a hearing if necessary after. Nearly $ gamestop short squeeze timeline ( 250 ) - 100 times more than this time to how a. Day 's decline of 34 percent some results, then there 's deep value stocks for but... As Robinhood restricted trading of GameStop shares as well story is headed to the big screen in 2023 how a. As management can provide some results, then we should be good reaction is that it 's Reddit... Ultimately shut down on May 18, 2022 Goliath battle between retail traders and hedge funds and use actors of! Gamestop 's stock price declined, leading many institutional investors to short sell the stock as a result GameStop. Users to embed text analytics and semantic processing in any application or system have to say I beyond! Should be good day at $ 246.90, and increased a further 3 percent in after-hours trading then to... Shares currently have a short squeeze that could stick these heavily shorted securities and also...