In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. [106] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years. GameStop traces its roots to Babbage's, a Dallas, Texas-based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin. [57][249][250] Bloomberg News had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities, in a practice known as payment for order flow. Yea there's deep value, then there's deep fucking value. Dude everyone thinks I'm crazy, and I think everyone else is crazy. [114][115] An analysis by Reuters concluded that some of Wall Street's largest asset managers were able to realize gains both from their share stakes, as well as from lending out stocks to short sellers. [36] As of January28, 2021[update], the all-time highest intraday stock price for GameStop was $483.00 (nearly 190 times the low of $2.57 reached 9 months earlier in April 2020). Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml [199][200][201], In June 2022, a 140-page report[202] released by the United States House Committee on Financial Services called for the Securities and Exchange Commission and the Financial Industry Regulatory Authority to craft new rules to address market risks highlighted by the events of January 2021, including a liquidity rule and framework governing liquidity planning for clearing brokers.[203]. The lawsuit alleges that a call was set up between Robinhood CEO Vlad Tenev, and a redacted person at Citadel Securities. [7][8] Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years. Canada - English. Maybe not", "BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy", "GameStop frenzy helps fuel sharp gains for Morgan Stanley fund", "Mormon Church cashes in on GameStop and Tesla stock craze", "Koss family got $32 million from Reddit-fueled stock market frenzy more than the company was worth at the end of 2020", "As GameStop stock crumbles, newbie traders reckon with heavy losses", "GameStop Investors Who Bet Bigand Lost Big", "How the 'SaveAMC' campaign caused the movie theater company's stocks to soar", "American Airlines spikes 31% as Reddit traders direct their attention toward another heavily shorted stock", "Bankrupt Blockbuster Joins Reddit-Inspired Retail Rally", "Bed Bath & Beyond, AMC rally with GameStop as little investors squeeze hedge funds in more stocks", "Stock Investors Are Hunting for the Next GameStop on Reddit and Twitter", "GameStop mania may have ruined this hot Wall Street trade", "Why Virgin Galactic, Palantir, Kodak, Genius Brands, and Other Heavily Shorted Stocks Soared Today", "It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher", "Virgin Galactic (SPCE) and iRobot (IRBT) among stocks rallying in assault on shorts", "Koss Stock Up Over 1,000% In Three Days", "Not Just GameStop: Here Are The Meme Stocks WallStreetsBets Traders Are Pumping Up During This 'Extremely Erratic' Reddit Rally", "Reddit Ignites Mall Stock and Fund Cashes Out $500 Million", "NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams", "Why Is National Beverage Surging 27% Higher Today? Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices: .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}a Prices may be higher during extended-hours trading. [116], Hedge fund manager Senvest Management, which had previously bought a five percent stake in GameStop when shares were at $10, made a profit of $700 million, exiting its position after Elon Musk tweeted "Gamestonks!". [248], Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities. Weaponising Social Media for Information Divide and Warfare. It was previously branded as Textalytics. [113][111], While the short squeeze was initially reported as being driven by retail investors, it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. Bonjour! Hello! [60][58][61] Clearing houses include the Depository Trust & Clearing Corporation (DTCC) for equities and the Options Clearing Corporation (OCC) for options. Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 262,000 shares, worth $68 million, over the last 30 days but most of that. [179][180], On September 27, 2021, Citadel released a statement through Twitter rejecting "Internet conspiracies and Twitter mobs" that alleged the firm pushed Robinhood to limit trading in GameStop. [258], The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. [267], Gains by existing shareholders and third parties, Alleged conflict of interest between Robinhood and Citadel. A team of researchers has extensively analyzed discussions on /r/wallstreetbets from November 27, 2020 through February 3, 2021, finding that it took only a few dedicated individuals to trigger a behavioral cascade that resulted in an unprecedented short squeeze of GameStop's stock, driving the price up roughly 2,000% during that period.. ", "This is beyond absurd. [181], On March 17, 2021, the Financial Services Committee held a second hearing, which focused on the regulation of payment for order flow[182] and gamification of investing. [72], Despite the decline, some r/wallstreetbets users rallied to convince other users to hold on to the shares, arguing either that they would increase in value or that such an action would send a political message. In addition, the many call options they bought forced the brokers to buy GameStop shares as well. GameStop dropped 44% on Thursday, falling for the first time in six days as Robinhood and Interactive Brokers limited trading in several of the heavily shorted names to closing positions only,. [118][114] Asset manager BlackRock had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak. [179][180][181] Representative Brad Sherman accused Griffin of trying to evade his questions. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. [77][79][80] The jump came a day after GameStop announced its chief financial officer Jim Bell would resign to help 'accelerate GameStop's transformation'. On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged in the neighborhood of $200 per share for another month. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. GameStop may also be known as or be related to Babbage's (1984-1999), GameStop, GameStop Corp, GameStop Corp . [102] Due to the enormous losses, Left stated that Citron Research would stop providing short-sell analysis, and instead focus on "long side multibagger opportunities for individual investors". [88], After GameStop's share price spiked again in May 2021, it was reported that Light Street Capital, run by so-called "tiger cub" Glen Kacher, was down more than 20 percent during 2021. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise. [240] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic". r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . 4,273 Jobs. The shares of GME Resources, an Australian mining company with Australian Securities Exchange (ASX) symbol GME, increased more than 50 percent during intraday trading, closing with a 13.3-percent increase on January 28. His net worth, as reported by Forbes, had declined by $500 million from its peak of $2.1 billion in 2019. [2][3], Short sellers are exposed to a risk of short squeezing, which occurs when the shorted stock jumps in value due, for instance, to a sudden piece of favorable news. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. "[191] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits. The trading frenzy in. [37] In pre-market trading hours the same day, it briefly hit over $500, up from $17.25 at the start of the month. [244], The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was being targeted online, including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language". He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). Market mechanisms include the reality that some people will attempt to game the market mechanisms and some will pay the price. Here's how they end", "Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment", "GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist", "Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon", "Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys", https://en.wikipedia.org/w/index.php?title=GameStop_short_squeeze&oldid=1150240747. Dozens of class action lawsuits have been filed against Robinhood in U.S. courts, and the U.S. House Committee on Financial Services held a congressional hearing on the incident. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide | Committee Repository | U.S. House of Representatives", "In GameStop Saga, Robinhood Is Cast as the Villain", "US lawmakers focus ire on Robinhood in GameStop recriminations", "Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga", "Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy", "Democrats Question Game-Like Trading Apps at House Hearing", "Robinhood customer files class action suit over GameStop trading restrictions", "Class-action lawsuit filed against Robinhood for restricting trading", "Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos", "This App Lets You Automatically Join the Robinhood Class Action Lawsuit", "Robinhood customer sues trading app over GameStop restrictions", "Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop", "Customers sue Robinhood Financial over stock trade suspensions", "Colorado man files federal lawsuit against Robinhood and other stock trading platforms", "Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys", "After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app", "Court dismisses claims Robinhood wrongly restricted 'meme stock' trades", "SEC Urges Company Disclosures on Fundraising During Market Frenzy", "SEC Warns Companies About Stock Price Volatility Disclosures", "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility", "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy", "After the GameStop fiasco, momentum builds for an $800 billion tax", "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax", Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform, "U.S. congressional panel calls for crackdown after 'meme-stock' saga", "Robinhood Says it Will Reallow GameStop Trades", "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino", "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge", "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? [179] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev. U.S. House Committee on Financial Services, Economic impact of the COVID-19 pandemic in the United States, settle a member's outstanding transactions, The Church of Jesus Christ of Latter-day Saints, Keith Patrick Gill's Opening Statement Before the U.S. House Committee on Financial Services, United States District Court for the Southern District of New York, United States House Committee on Financial Services, Massachusetts Secretary of the Commonwealth, "How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla", "GameStop: how Reddit amateurs took aim at Wall Street's short-sellers", "Meme Stock Saga Officially Over? [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. [235] More generally, it was recognized that Wall Street was now subject to the same populist vigor (afforded by Internet connectivity) as the entertainment industry, politics, and so on. [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. [12], The subreddit r/wallstreetbets is an online community on Reddit, a social news website. This squeeze led to the share price reaching an all-time intraday high of US$483 on January 28, 2021 on the NYSE. The GameStop short squeeze has now lasted far longer than we might expect. Other co-owners of the Charlotte Hornets with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result. The unusually high price and volatility continued after the peak in late January. [215] She also called for stronger regulatory action from the U.S. Securities and Exchange Commission "to ensure that markets reflect real value, rather than the highly leveraged bets of wealthy traders or those who seek to inflict financial damage on those traders. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. As a member of the Financial Services Cmte, I'd support a hearing if necessary. [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. Large losses could lead to a short squeeze Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 685,000 shares, worth $207. [71] The short squeezed securities' prices continued to decline during the week. They also questioned whether Robinhood was encouraging its customers to take excessive risks in order to generate a profit and whether it had the appropriate infrastructure and funding to handle influxes of new clients. and Kerckhoven, S.V. GME has struggled in recent weeks, accumulating losses of 50% since the June peak. [69][70] Other assets affected by the short squeeze and put under company trading restrictions, such as AMC and Blackberry shares, also declined in value. [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. [81] On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. #DeleteRobinhood", "Elon Musk lashes out at short sellers during GameStop market war", "Ja Rule, a Robinhood User Since 2014, Calls GameStop an 'Uprising', "Jon Stewart joins Twitter and defends the Redditors", "Jimmy Kimmel deletes tweet suggesting Jon Stewart sounded like Trump by backing GameStop traders", "Jimmy Kimmel Sparks Anger For Calling Reddit Investors 'Russian Disruptors', "Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising", "Mark Cuban, Dave Portnoy, AOC and others react to Robinhood restricting trades on GameStop and AMC", "Wall Street may never be the same after GameStop saga", "Leon Cooperman on GameStop Reddit speculators: 'I'm not damning them' but it will 'end in tears', "Robinhood is getting trashed on Google Play", "Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users", "Robinhood plummets back down to a one-star rating on Google Play", "Protesters gather at Robinhood HQ, SEC, NYSE", "Angry customers show up at Robinhood's headquarters in the wake of GameStop trading chaos", "The GameStop Short Squeeze Shows an Ugly Side of the Investing World", "GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses", "Citron Research covered majority of GameStop short position in $90s/share", "Death Threats and Hate Force Hedge Funds to Step Up Security", "Robinhood and Citadel's relationship comes into focus as Washington vows to examine stock-market moves", "Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders", "GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities", "The Citadel Link: What Ken Griffin Has to Do With GameStop", "Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit", "Citadel Securities Says It Learned of Trading Curbs on Twitter", "Citadel Securities Faces New Pressure Over GameStop Frenzy", "Reddit rejoices as hedge-fund billionaire Ken Griffin fires back at those making #KenGriffinLied a trending topic on social media", "Court Filings Spark New Citadel-Robinhood GameStop Theories", "Here's what Robinhood executives allegedly said internally at the height of the GameStop short squeeze", "#CitadelScandal is trending on Twitter as retail traders express fresh outrage over allegations around meme-stock trading", "Netflix Finalizing GameStop Stock Movie Package; Mark Boal In Talks To Write, Noah Centineo Attached, Scott Galloway To Consult", "MGM Lands Rights To Ben Mezrich's Book Proposal 'The Antisocial Network'; Would Chronicle Recent Wall Street-GameStop Chaos", "Three GameStop movies are rushed into development. GameStop's rocket ship has come back to earth. Shares closed at $246.90, and increased a further 3 percent in after-hours trading. One of the largest short sellers in the GameStop trade, Melvin Capital, was forced to close its position in GME in January 2021 due to GameStop's soaring valuation. It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. [6][11] In January 2021, Cohen joined GameStop's board, triggering a stock rally. [142][143], Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for Malaysian latex glove makers on Bursa Malaysia as a countermove against the devaluation of the sector by institutional investors following the lifting of a ban on short selling in the country earlier in January 2021. [30], Later analysis by a cyber security company of social media posts suggested that thousands of automated bots may have hyped GameStop stock, Dogecoin, and other stocks, on social media. [45], On January 28, more than 1 million GameStop shares, then worth $359 million, were deemed failed-to-deliver. [144][145] On March 2, Rocket Mortgage saw a more than 70 percent spike in its stock price due to a surge in trading following discussion of the company on r/wallstreetbets,[146][147] but the Rocket Mortgage stock price reverted to its pre-surge level the next day. Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "GameStop frenzy takes cryptocurrency market over $1 trillion", "Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800%", "The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz", "Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio", "Robinhood restricts crypto trading as Dogecoin soars 300 percent", "Silver futures jump 7% as Reddit traders try their squeeze play with the metal", "Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy", "Silver hits eight-year high, but who's behind the buying? [263] Jaime Rogozinski, who founded r/wallstreetbets in 2012, sold off his life experience to RatPac Entertainment,[264] and a documentary based on the event, created by the studios XTR and The Optimist and partially funded by a Kickstarter campaign, is also in the works. Tesla's . [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. [72][73] As the stock prices continued to decline, some of the recent investors held on to their shares, and suffered significant losses. Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender and profit off the difference. [261] Separately, Metro-Goldwyn-Mayer (MGM) acquired the rights to make its own movie based on Ben Mezrich's book proposal The Antisocial Network, aimed at chronicling the recent events on Wall Street. [173], Attorney General of New York Letitia James confirmed in a press release that her office would look into the matter, saying "We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock". [148][149], After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent. The community is known for discussion around meme stocks and high-risk stock transactions. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment. [76][77][78] Similar gains, although not as high, were reported with cinema operator AMC, clothing retailer Express and communications software group BlackBerry. . GameStop's short percent of float recently was about 13.3%. [40], On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC), a company in a similar position to GameStop. "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. Let's make this situation easier to understand with an . [114] The mutual fund Morgan Stanley Institutional Inception saw a 30-percent rise in its value based in part due to the 346,943 GameStop shares it had purchased in September 2020. Facing 34 separate class-action lawsuits news website the many call options they bought forced the brokers to buy back stock... Has now lasted far longer than we gamestop short squeeze timeline expect class-action lawsuits because there no! That companies outline the related risks in their Financial disclosures and encourages companies to contact the SEC prior launching... 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