WINNIPEG --
A band of investors on social media are driving up the price of U.S. video game retailer GameStop.
A fixture of suburban shopping malls for years, GameStop Corp.’s stock price – at $20 USD in early January – surged hundreds of dollars higher in recent weeks, sending shockwaves through financial markets.
“We've never seen a short squeeze of this magnitude in the history of investing,” said Rob Tétrault, senior vice president, portfolio manager and head of Tetrault Wealth Advisory Group, based in Winnipeg.
“They’re trying to squeeze the short sellers and force them to pay more and more money each and every day,” he said.