#GameStop shares have soared 1,700 percent as millions of small investors, egged on by social media, employ a classic Wall Street tactic to put the squeeze — on Wall Street.
Shares in GameStop plunged by 65% in early trading on #Wallstreet as the trading mania sparked by small investors, which sent its stock surging and cost hedge funds billions of dollars, lost momentum. The struggling Texas-based video game store chain has been the focal point of a battle by small traders, using forums such as #Reddit, to punish Wall Street hedge funds that have bet on certain stocks falling in value.
The tumble in GameStop’s shares indicates that the hedge funds betting against it, which had been caught in a “short squeeze” – a situation where they have been forced to buy more shares in a bid to stem their losses – have now closed out their positions.
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