Culture

Here’s What Happened With GameStop, Reddit, And Wall Street For People Who Aren’t Into Stocks

Let’s be honest. Deep down, we know how the influential people in positions of power don’t care one bit about us. But nothing screams “You are totally worthless to us!” more than what’s currently unfolding with the GameStop naked short selling saga.

By S.G. Cheah5 min read
What To Know About The GameStop Populist Revolt On Wall Street When You’re Not Into Stocks

I invest like a grandma. So when news broke that GameStop’s shares skyrocketed from $20 to over $400 in a few days, I (and the rest of America) took notice. It looks like some guys on a day trading Reddit group found out that a prominent hedge fund, Melvin Capital, was naked short selling GameStop’s shares. The Reddit day trading army retaliated by doing a short-squeeze on Melvin Capital’s bet. They succeeded, and made some money in return.