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The GameStop-stock market story is absurd

The GameStop-stock market story is absurd

Released Thursday, 28th January 2021
 1 person rated this episode
The GameStop-stock market story is absurd

The GameStop-stock market story is absurd

The GameStop-stock market story is absurd

The GameStop-stock market story is absurd

Thursday, 28th January 2021
 1 person rated this episode
Rate Episode

If you follow financial markets, Reddit or video games, you probably know that all three of those things merged this week in a hail of fire and rocket emojis. The simplest possible version of what happened: Several big hedge funds shorted GameStop stock. That is, they bet it would go down. There’s a group on Reddit called WallStreetBets, and they weren’t having it. Many of them decided to buy GameStop, causing its share price to go up — way up. Now, GameStop is up over 1,00% this month. The hedge funds that shorted it are losing billions, and the WallStreetBets community has moved to buying Nokia and AMC stocks, and who knows what’s next. I spoke with Edward Ongweso, who has been following this for Vice.

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