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Nashvillians have stake in GameStop stock as Robinhood halts transactions
Middle Tennesseans who bought into the hype around GameStop (GME) stock woke up to crushing news, Thursday.
and last updated 2021-01-28 21:42:52-05
NASHVILLE, Tenn. (WTVF) â Middle Tennesseans who bought into the hype around GameStop (GME) stock woke up to crushing news, Thursday.
The popular online broker app Robinhood put a halt on several climbing stocks, including GME. The stocks involved are all linked to a subreddit community called WallStreetBets (WSB). The group was pushing for members to invest in GME to achieve what s called a short squeeze.
A short is when investors bet a companies stock value is going to decrease. They benefit from the perceived loss of value. The subreddit in this case wanted to drive up the price of GME by flooding it with purchases, increasing the value, and causing hedge funds who were invested in the short to lose money. That s a short squeeze.