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Moment of weakness : Amateur investors left counting GameStop losses
6 Feb, 2021 09:49 PM
5 minutes to read
Some short-term traders were left out of pocket as popular stocks fell after frenzy. Photo / AP
Some short-term traders were left out of pocket as popular stocks fell after frenzy. Photo / AP
Financial Times
By: Madison Darbyshire, Robin Wigglesworth, Alice Kantor and Aziza Kasumov
Retail investors who piggybacked on a rally in a clutch of stocks including GameStop are nursing heavy losses as shares have come crashing back to earth. What began as a planned so-called short squeeze on the consoles retailer, orchestrated by traders on the Reddit message board r/WallStreetBets, quickly spiralled into a frenzied rally in a number of shares that stung hedge funds betting on declines. Billionaires such as Chamath Palihapitiya, Mark Cuban and Elon Musk all weighed in on the fervour.