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GameStop’s rollercoaster ride through the absurd machinery of the stock market has been fun to watch. It sent some of CNBC’s finest minds scrambling to Wikipedia to find out what Reddit is and allowed for Very Serious Thought Leaders to peddle all sorts of pet theories, like blaming GameStop’s unlikely rise on young men not having enough sex. A literal billionaire cried on national TV about it. But we all know how it ends. For a lot of people who actually invested in meme stocks, it won’t be pretty. And the rest of us will be left with the same broken economy as before.
GameStop Stock Drama Continues As Price Soars And Hedge Fund Blinks
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Photo: Spencer Platt, Getty Images
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GameStop’s stock price continued to soar in after-hours trading last night to over $US300 ($390). While many are waiting for it to come crashing back down, it might be too late for some major hedge funds. With the stock still sitting at well over $US250 ($325) a share (unthinkable just last year when it was trading at under $US5 ($7)) after the market reopened, Melvin Capital, one of the largest hedge funds betting against the company, is reportedly getting out of the game after suffering major losses, seemingly driven out by amateurs trading on their phones and joking on Reddit in what continues to be one of the most bizarre
Update - 6:28 p.m. ET, 1/26/21: Closing over $145 after another record day, Bloomberg analyst Eric Balchunas reports that GameStop was the most traded equity in the world today. It’s even continued to rise in after hours trading, bobbling over $200. DeepFuckingValue, the Redditor instrumental to starting this whole thing, reported he’s now up $22 million on his original investment in GameStop. Even billionaire asshole and part time James Bond villain Elon Musk tweeted about GameStop today.