GameStop's business seemed to be on the verge of collapse, until company shares skyrocketed in January and February thanks to traders on Reddit
Shares of GameStop surged 19% on Thursday, bucking the broader market slump.
GameStop jumped as much as 19% in mid-afternoon trading as a wave of Reddit users appeared to rush back into shares, while the wider market sank
RKT, GameStop, AMC Short Squeezes. What Other Stocks Are the Reddit WallStreetBets Traders Targeting? Shares of Rocket Companies ($RKT) more than doubled on Tuesday’s session from $22 to nearly $50 by the close of after hours trading.
Rocket Shares Tumble as Traders Track GameStop-Like Short Squeeze $RKT $GME
A 25-year-old security guard was so enthusiastic about GameStop that he took out a $20,000 personal loan and used it to buy shares. Now his investment is down nearly 80%. Other small-time investors have lost big, too.
JUST IN: Gamestop shares surge by over 90% at trade open
CNN's Chris Cuomo: "This looks like a move by an outfit called Robinhood, which is supposed to be taking from the rich and giving to the poor, and doing exactly the opposite." Robinhood CEO, after it barred traders from buying GameStop shares: "That's not what it is at all."
GameStop went from being nearly bankrupt to seeing its shares up by 2,000% in less than a week — but how did it happen, what's Reddit have to do with it, and is it even legal? NowThis' @amandajchoy is breaking down everything you need to know