At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over US$500 per share ($125 split-adjusted), nearly 30 times the $17.25 valuation at the beginning of the month. [219], On January 28, New York State Comptroller Thomas DiNapoli told reporters that the state pension fund, which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze. [21] r/wallstreetbets was the fastest-growing subreddit at the time the community surged by more than 1.5 million users overnight (to a total of 6 million members) on January 29. [76][77][78] Similar gains, although not as high, were reported with cinema operator AMC, clothing retailer Express and communications software group BlackBerry. Tesla's . I'll post the update tomorrow as I always do after data readouts. A short interest ratio ranging between 1 and 4 generally indicates strong positive sentiment about a stock and a lack of short sellers. Price action has just moved off of a strong zone of support (pink solid line), which led to a 152% rally after it's retest in may. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. Several committee members expressed skepticism at the practice of payment for order flow and pressed Griffin and Tenev on the issue. [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. It opened that day at $42.59 a share and closed at $65.01. [88], By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments. 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 . The GameStop short squeeze story is headed to the big screen in 2023. Why? [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. [50] After the markets closed, Robinhood announced it would begin to allow "limited buys" of the affected securities starting the following day, although it was unclear what "limited buys" entailed. Toilet Paper Analogy. Bonjour! [155], Following the stock market surge, futures for silver began to rapidly increase as well,[156][157] although later news reports clarified that it was unclear who was behind the rise. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. [188][189][190] Similarly, a man in Colorado filed a federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which he was essentially forced to sale his equities at a drastically reduced position given the new market condition set by these supposedly neutral brokerage houses, taking significant losses and being incapable of trading in these publicly held equities that he had performed significant due diligence and research on, and relied upon over the course of his job as a day trader. [186][187], A second class-action was filed in the Northern District of Illinois claiming that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers". 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. [35] A brief, sharp rise in the share price to over $200 followed Musk's tweet. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. This leads to a sharp rise in demand for the share, and huge rally . GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [111], GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700. 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. [94] On January 27, a Melvin Capital spokesperson stated that the fund had closed its position after repositioning its portfolio. GameStop had been a favourite target of short-sellers for some time. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. The community is known for discussion around meme stocks and high-risk stock transactions. [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. [62][61] Brokerage firms claimed that the increased collateral could not be provided in time, and, as a result, trading had to be halted. [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. [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. [256][257] Internal Robinhood messages stemming from a class-action lawsuit, showed Robinhood executives "scrambled to talk to Citadel CEO Ken Griffin", on January 27, 2021, the day trading of GameStop and related stocks was temporally halted, according to VICE. [40], On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC), a company in a similar position to GameStop. 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. Weaponising Social Media for Information Divide and Warfare. [57] Clearing houses must have enough collateral on hand to settle a member's outstanding transactions in the event any particular member firm failsto prevent cascading failures of other membersand can demand additional collateral (i.e., margin calls) from members if market volatility starts to increase. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. Jan. 22, 2021: GameStop surges 50% As the tug-of-war between the everyday investors and hedge funds heated up and support grew for GameStop on r/wallstreetbets, the stock skyrocketed more than 50% in the trading session on Jan. 22. The proportion of shares borrowed to back those short positions had been between 50 and 100 per cent of the company's. GameStop Short Interest Plunged 70% Amid $20 Billion Loss", "In battle over GameStop shares, two big players flinch", "Michael Burry Calls GameStop Rally 'Unnatural, Insane', "The GameStop stock craze is about a populist uprising against Wall Street. In one of the most notorious and publicized short squeezes of all time, the stock of video game retailer Gamestop exploded from around $17 per share in early January 2021 to an intraday high of. Even my 11 yr old traded w them and made $", "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. In January 2021, a short squeezeof the stockof the American video game retailer GameStop(NYSE: GME) and other securitiestook place, causing major financial consequences for certain hedge fundsand large losses for short sellers. 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. Restricting who can buy and sell is using a hammer on free markets", "It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. [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. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see. [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]. [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. CNN reported that the drop was partly due to restrictions imposed by Robinhood and other brokers on the number of shares that could be purchased at once by their clients. GameStop's shares slumped by 40% in 25 minutes on Wednesday, after a few days of frenetic growth. [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. [228], Several celebrities and influencers also criticized Robinhood. [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. Please select the country you are shopping from. They borrowed GameStop, put up a margin requirement, immediately sold their shares, and waited for GameStop prices to drop (before eventually re-purchasing and returning the borrowed shares). [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. [254], During the February 18 hearing held by the House Financial Services Committee, Citadel CEO Kenneth Griffin and Robinhood CEO Vlad Tenev faced questioning regarding their relationship and denied that the limits imposed on the trading of GameStop shares had been requested by Citadel. [179][180][181] Representative Brad Sherman accused Griffin of trying to evade his questions. [255] The statement was made as the hashtag #KenGriffinLied was trending on said platform, in which users accused Citadel's CEO Ken Griffin of having lied under oath to Congress. "[258][259], During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not. "[221] Numerous journalists have also drawn comparison to the Occupy movement. In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. Do you agree? Shares closed at $246.90, and increased a further 3 percent in after-hours trading. Yea there's deep value, then there's deep fucking value. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[229] and called the situation "an uprising". The stocks are all prime candidates for a short squeeze that could stick these . [121], The trading led to increase in the stock of the Koss Corporation, and by selling stock the executives and directors of the company were able to earn $45 million, which was greater than the company's valuation in 2020. [168] Senator Sherrod Brown announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze. [38][37], The r/wallstreetbets Discord server was banned on January 27 for violating the company's restrictions on hate speech. [226] OpenAI CEO Sam Altman suggested the company change its name. [236][additional citation(s) needed], However, investor Michael Burry, who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous". [170], On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"[171] from "abusive or manipulative trading activity"[172] and "to identify and pursue potential wrongdoing". [194], A lawsuit was filed in a court in Massachusetts by securities class action firm Hagens Berman Sobol Shapiro on behalf of an investor against Keith Gill. [245][246][247] Several financial executives hired additional security due to online threats. ", "What We Talk About When We Talk About Stonks", "GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock", "Elon Musk tweet fuels frenzied GameStop surge", "GameStop Corp. (GME: NYSE) Stock Price & News", "Wall Street rises despite weak GDP data; GameStop frenzy continues as it happened", "Discord bans the r/WallStreetBets server, but new ones have sprung to life", "Discord is no longer banning r/WallStreetBets it's helping them", "Reddit's GameStop traders turn their attention to AMC stock", "AMC Networks' stock might have gotten a boost thanks to confused Reddit users", "Disruptions reported at multiple brokerages as GameStop, AMC surge", "Trading platforms are limiting trades of GameStop and other companies", "US stock trading volumes soar past 2008 peak in Reddit battle", "SEC Data Show $359 Million of GameStop Shares Failed to Deliver", "Q&A: A basic guide to the GameStop squeeze", "Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies", "Robinhood restricts trading of companies targeted by Reddit users", "Brokers block Reddit traders from buying GameStop amid market frenzy", "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform", "Update: GME, AMC, and KOSS are no longer restricted", "GameStop Trading Restrictions Blamed on Wall Street's Clearing Firm by Online Broker", "Robinhood denies claims that it sold GameStop shares out from under its traders", "Robinhood raises $1bn from investors and taps banks at end of wild week", "Robinhood Raises $1 Billion to Meet Surging Cash Demands", "Robinhood Fallout Sweeps Market After $1 Billion Lifeline", "Robinhood restricts trading in GameStop, other names involved in frenzy", "Robinhood's GameStop Debacle Spurs Calls to Modernize Stock Clearing", "Why Robinhood and Other Brokerages Restricted Trading This Week", "Robinhood tightens GameStop trading curbs again as SEC weighs in", "Robinhood, in Need of Cash, Raises $1 Billion From Its Investors", "Robinhood gets $1 billion infusion, signaling cash crunch", "Robinhood expands trading restrictions to 50 stocks", "Robinhood Narrows Trading Restrictions to Eight Companies", "GameStop shares plunge as Reddit rally deflates", "GameStop Rout Erases $27 Billion as Reddit Favorites Lose Steam", "Plunging GameStop Stock Tests the Will of Investors to Stick With the Ride", "GameStop stock is plummeting but the Reddit rebellion is just beginning", "A Week Inside the WallStreetBets Forum That Launched the GameStop Frenzy", "Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance", "The Hopes That Rose and Fell With GameStop", "GameStop shares double in final 90 minutes of trading day", "GameStop Shares Soar in Last Hour of Trading", "GameStop's Reddit-Driven Roller-Coaster Rages On as Volume Soars", "GameStop stock surges to highest point since January, market cap tops $17 billion", "GameStop tumbles 34% as Reddit darling mulls share sale", "GameStop shares fall after it announces plan to sell up to $1bn in stock", "Short interest in GameStop declined to 15% vs 141% at peak S3", "GameStop surges more than 50%, leading meme stocks higher", "GameStop's 53% surge fueled by a buy/sell ratio of 3-to-1, as 'meme' stock crowd emboldened", "Wall Street's Most Reviled Investors Worry About Their Fate", "Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets", "White House 'monitoring' GameStop share surge as US hedge fund pulls out", "Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management", "GameStop Stock Soars, and Social-Media Traders Claim Victory", "Citadel, Point72 Back Melvin With $2.75 Billion After Losses", "Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position", "GameStop skeptics Citron, Melvin succumb to epic short squeeze", "Wall Street gears up for second bout against Reddit traders", "Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain", "US hedge funds Melvin Capital and Light Street suffer further losses", "Plotkin Shuts Melvin Hedge Fund Left Reeling by Redditor Attack", "Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down", "An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms", "Citron halts 20 years of short-sell analysis after GameStop woes", "Dan Sundheim's $20 Billion D1 Capital Loses About 20% This Month", "Sundheim's D1 Shakes Off Its $4 Billion Reddit-Fueled Fiasco", "GameStop Short-Sellers Reload Bets After $6 Billion Loss", "Hedge funds retreat in face of day-trader onslaught", "GameStop Short Interest Plunges in Sign Traders Are Covering", "Hedge fund that bet against GameStop shuts down", "London-based hedge fund that bet against GameStop shuts down -FT", "Corporate executives reap millions from Reddit stock frenzy", "GameStop Insiders Sold Stock Before It Went Vertical", "GameStop CEO's shares are worth nearly $1 billionand, boy, does he probably want to sell", "This Hedge Fund Made $700 Million on GameStop", "How the rich got richer: Reddit trading frenzy benefited Wall Street elite", "Analysis: How Wall Street gains from 'populist' trading movement", "Was GameStop really a case of the little guys beating Wall Street? , after a few days of frenetic growth 's deep value, then there 's deep value... 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The issue notes that Swartwout then stated, `` I have to say I am disappointed! The attention of investors looking for a short squeeze story is headed to the big screen in.. A further 3 percent in after-hours trading share price to over $ 200 followed Musk 's tweet from the trading! Media ( Hypertext ), Blue Sky pressed Griffin and Tenev on the issue GameStop ( ).