GameStop surges again as Reddit crashes temporarily

BBC2021-02-25

Getty Images Shares in GameStop surged on Wednesday in what could mark a return to frenzied trading that rocked markets last month. Trading in the US games firm was halted twice after shares more ...

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KW1
2021-02-25
KW1
Good news
PaulMardling
2021-02-25
PaulMardling
I like the stock!!
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The company did not say what caused the outage but said it had identified the issue, fixed it and that \"systems are beginning to recover.\"\n\nResolved: We're sounding the all clear! This incident is resolved. https://t.co/7y8D9F3AgI— reddit status (@redditstatus) \n February 24, 2021\n\nIt is the latest twist in a battle that has pitted amateur investors against Wall Street giants.\nMajor hedge funds had bet billions of dollars that GameStop's shares would fall.\nBut they have faced major losses after amateurs, swapping tips on social media sites like Reddit, drove up the share price by more than 700% in one week.\nThe retail trading frenzy drew concern from regulators and has even led to a Congressional hearing in the US.\nKeith Gill, who became a key player in the trading and is known as 'Roaring Kitty' on YouTube, has also been hit with a class action lawsuit. He allegedly duped retail investors into buying inflated stocks while hiding his sophisticated financial background.\nMr Gill has downplayed his impact and rebutted claims he violated any laws.\n\n'Roaring Kitty' GameStop investor hit with lawsuit\nGameStop - David and Goliath or a political fable?\n\n\"The idea that I used social media to promote GameStop stock to unwitting investors is preposterous,\" Mr Gill said in the prepared testimony.\n\"I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investing was unlikely to be suitable for most folks checking out the channel.\"\nThe GameStop saga was hailed as a victory of the little guys against big Wall Street hedge funds that were betting against video games retailer GameStop and other struggling businesses.\nBut it is unclear what role hedge funds had in the rally, as some are reported to have made millions from the GameStop share rally that was inspired by Reddit users.\n\nGameStop: A story that isn't going away\n\n BBC \n\nThe key part of the theory of why GameStop shares went up so high in January was a 'short squeeze'. \nThis is when hedge funds, who'd bet GameStop shares would fall, tried to buy them back when the share price began to rise. \nThat in turn pushed the price even higher. Some hedge funds lost hundreds of millions of pounds.\nThe prevailing view was that hedge funds wouldn't put themselves into that position again. That they would be all over Reddit and more careful about 'shorting'. Therefore, you wouldn't see a giant spike in the share price again. \nBut evidently, that view was wrong. That the share price, in just a few hours, could explode again tests some of the assumptions about what happened last month. \nIt's often very difficult to understand exactly what drives a share price, and who is driving it. \nBut it does once again appear that the hype on WallStreetBets, the influential subreddit, was part of the rise. \nReddit even went down at one point, though it's not clear yet whether that was because of an increase in activity on the site. \nPolicy makers will be looking on closely. At a hearing last week in Washington, many politicians were concerned that 'meme stocks' could spike again. \nThat can be beneficial to some investors when the stock is rising. But on the way down amateur investors can get burnt too. \nIf these kinds of spikes become more common, expect more pressure on legislators to step in.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":361807063,"gmtCreate":1614217880952,"gmtModify":1704889693762,"author":{"id":"3563714281601583","authorId":"3563714281601583","authorIdStr":"3563714281601583","name":"KW1","avatar":"https://static.tigerbbs.com/094e3f8fd8b3de3da976515926ed1403","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1,"idStr":"3563714281601583"},"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361807063","repostId":2114941903,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":361142095,"gmtCreate":1614216237817,"gmtModify":1704889661758,"author":{"id":"3572968392598415","authorId":"3572968392598415","authorIdStr":"3572968392598415","name":"PaulMardling","avatar":"https://static.tigerbbs.com/0919d3658912343433bf81007b1c4f11","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3572968392598415"},"htmlText":"I like the stock!!","listText":"I like the stock!!","text":"I like the stock!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/361142095","repostId":2114941903,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3679868,"gmtCreate":1614441026567,"gmtModify":1680778594744,"authorId":3566385558470298,"author":{"id":3566385558470298,"authorId":3566385558470298,"name":"___ _","avatar":"https://community-static.tradeup.com/news/e0600059befbdbcd780f0d15118a44d6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":361142095,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2114941903"}