GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it's still not comfortable giving guidance yet. [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." Several Wall Street analysts released research . [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. [13] Observers congregating around r/wallstreetbets believed the company was being significantly undervalued, and with such a large amount of the shares being short they could trigger a short squeeze, by driving up the price to the point where short sellers had to capitulate and cover their positions at large losses. We now need to know more about @RobinhoodApp's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. A Reddit-fueled day-trading craze last month pushed shares of GameStop Corp., the videogame retailer, as high as $483, but the hype has fizzed.. Short squeeze is a term used by market participants to refer to a phenomenon where short sellers in a stock who have placed their bets on a stock's fall, rush to hedge their positions or buy the stock in the event of an adverse price movement, in order to cover their losses. The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . [122], Many retail investors and r/wallstreetbets users bought shares of GameStop and other affected securities as they were reaching their peak prices or shortly afterwards. [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. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The suit alleges Gill misrepresented himself as an amateur investor to inflate the stock price. [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. [117] Brokerages, trading systems and market makers have also gained from higher-than-average volume of transfers. [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. ", "This is beyond absurd. 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. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. [230] Comedian and television host Jon Stewart, after joining Twitter, expressed support for the Reddit traders in his first tweet, stating "they're joining a party Wall Street insiders have been enjoying for years". [78], On March 8, the stock saw continued rising of 41 percent to $194.50, and with around 25 percent of the stocks being shorted at this time. Do you agree? It will be ugly, and everyone will mock me as usual, but I expect GME to bounce back just as it did after the two previous earnings readouts. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. being halted at least once as the price fell by double-digit percentages. [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. 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? [183], A Robinhood customer filed a class-action lawsuit against the company on January 28, 2021, for halting trading on GameStop. [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. She stated that the large investors and hedge funds who were criticizing the rally "have treated the stock market like their own personal casino while everyone else pays the price". It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . #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. [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. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. [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. [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". This is unacceptable. [154] Robinhood then began limiting the trading on Dogecoin. The unusually high price and volatility continued after the peak in late January. Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." [157] On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading[which?] [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. 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? [251] The Washington Post reported that Robinhood routed more than half of its customer orders to Citadel, which was its largest market making partner by volume. [7], However, in mid-2019, investor Michael Burry's Scion Asset Management acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares. Several hedge funds even . Meanwhile, apes remain confident that the stock can go. I'll post the update tomorrow as I always do after data readouts. [45], On January 28, more than 1 million GameStop shares, then worth $359 million, were deemed failed-to-deliver. MeaningCloud extends the concept of semantic API with a cloud-based framework that makes the integration of semantic processing into any system something close to a plug-and-play experience. [12] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. 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. Learn More on GameStop's short interest ratio. On March 25, the stock recovered dramatically, rising by 53 percent. [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. [120] The Church of Jesus Christ of Latter-day Saints, through its investment manager Ensign Peak Advisors, bought 46,000 shares of GameStop in 2020, and saw the value of its investment jump 900 percent. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities. It's difficult to have a partnership when these kind of things go down this way. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. [240] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic". A Detailed Overview of the GameStop Short Squeeze February 25, 2022 A Detailed Overview of the GameStop Short Squeeze From January 4, 2021 to January 29, 2021, the GameStop Corp. (GME) stock rose from $17.25 to $325.00, which is almost a 1900% increase in valuation (Yahoo Finance, 2021). [97][98] Melvin ultimately shut down on May 18, 2022. [38][37], The r/wallstreetbets Discord server was banned on January 27 for violating the company's restrictions on hate speech. [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. "[218] In another CNBC interview joined by Canadian businessman and Shark Tank investor Kevin O'Leary, O'Leary disputed Galvin's assertions, saying that real-world education was positive; that the risk of being targeted by "social media vigilantes" would dissuade hedge funds from aggressively selling short stocks; and zero-commission brokerage apps such as Robinhood had sparked a growing interest in retail investing. They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades", "Why Wall Street Is 'Losing Its Mind' Right Now", "Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting", "Note: Robinhood absolutely should not be stopping trading of GameStop. GameStop did not suddenly solve all these problems in the last week, and likely isn't a good investment from a fundamental perspective. [67], On February 1 and 2, the stock price for GameStop declined substantially, losing more than 80 percent of its value from its intraday peak price, recorded during the previous week. [35] A brief, sharp rise in the share price to over $200 followed Musk's tweet. 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. 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. [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. Autoweek. Gme).keith gill, known by the reddit username deepfuckingvalue and the youtube and . At various points during his initial testimony and questioning, Gill made references to memes. 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. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [239], Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the trading of GameStop securities, pushing its ratings down to one star. [20][89][90] Citadel LLC and firm partners then invested $2 billion into Melvin, while Point72 Asset Management's investment added $750 million, for a total investment of $2.75 billion,[91][92][93] before Melvin told CNBC that they covered (closed) their position on January 26, although the exact amount was not disclosed. Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. [192][193] In January 2022, a federal court ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. [159] Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop. [47], According to The New York Times, the short squeeze has called into question the viability of short selling as an investment strategy. 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. [111] Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting unvested employee stock options. 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. [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. GameStop short squeeze round 2 while the banks and hedge funds go bankrupt sounds about right. He Talked to the Journal", "The 'Roaring Kitty' Rally: How a Reddit User and His Friends Roiled the Markets", "Famed GameStop bull 'Roaring Kitty' is a Massachusetts financial advisor", "How WallStreetBets Redditors Used Their Collective Power to Manipulate the Stock Market", "Meme Stock War Stories: From GameStop Diamond Hands to Robinhood's Reversal", "Melvin Capital, GameStop and the road to disaster", "Reddit's r/WallStreetBets breaks all-time traffic record as hedge fund bleeds", "Reddit group WallStreetBets hits 6 million users overnight after a wild week of trading antics", "Counter-Hegemonic Finance: The Gamestop Short Squeeze", "How WallStreetBets Pushed GameStop Shares to the Moon", "The Real Force Driving the GameStop Revolution", "GameStop stock halts trading after Reddit drama", "GameStop's stock rockets again in volatile trading, while company has not released news or commented", "Teens Are Gambling Their Savings on GameStop Stock. The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, primarily triggered by the Reddit forum WallStreetBets. [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. [22], Suggested factors included anger of some investors towards Wall Street hedge funds for their role in the financial crisis of 2007 and 2008,[23][18][24] or the general democratization of the stock market coupled with the ability of retail traders to communicate instantaneously through social media. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. [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. Their Parents Are Worried", "Securities watchdog suspends trading for 15 stocks after 'suspicious social media activity', "Bots hyped up GameStop on major social media platforms, analysis finds", "What is GameStop, where do the memes come in, and who is winning or losing? [222][223][224] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[225] and Chamath Palihapitiya. As of Jan. 28, the companies with the highest short interest are: This was speculated to have been due to a joke or mistake, as the ASX symbol was the same as GameStop's NYSE ticker symbol (GME). Toilet Paper Analogy. and Kerckhoven, S.V. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. Are then forced to buy back the stock price funds and use actors instead a..., rising by 53 percent use actors instead of a tomorrow as i always do after data.... 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