How the GME Stock Skyrocketed
“GameStop” by JeepersMedia is licensed under CC BY 2.0
10 years after Occupy WallStreet, another economic protest has risen, but this time it is online.
Reddit users on a subreddit called “WallStreetBets” saw that GameStop was not doing well and there sales are going down, but back in spring they saw that GameStop had a huge amount of short interests (bets that the stock will decline in to time soon) and if the stock falls, short sellers would profit off of that so the users decided to buy the stock multiple times so they can boost it. After many people buying the stock it worked!
The stock went from only 3 dollars in April to about 350 as of January 27th. The users reached their goal and collectively gained profit and severally hurt multiple hedge funds (a partnership of investors that uses high risk methods).
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https://slate.com/technology/2021/01/gamestop-reddit-wallstreetbets-gme.html
