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For some, it was the desire to make a buck. For others, it was fear of missing out, anger at elites or idle curiosity about what was possible in a world where it’s increasingly hard to tell internet jokes from real life.
United by these disparate motivations, a legion of individual investors along with some mighty Wall Street whales turned GameStop, a money-losing video game retail chain, into the hottest stock in ages. After gaining more than 1,000% since the start of the year, its shares jumped another 68% on Friday, to $325, leaving the company worth more than $22 billion on paper.
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What is short selling? Whipsaw for GameStop stock puts scrutiny on the practice - Business News
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AOC responds to Ted Cruz on GameStop: You almost had me murdered © AP, FILE Alexandria Ocasio-Cortez has made it clear she has no interest in working with Ted Cruz. The House representative from New York tweeted Thursday that she disagreed with Robinhood s decision to abruptly stop transactions of GameStop stock following the company s Reddit-inspired rise. © John Minchillo/AP Pedestrians pass a GameStop store on 14th Street at Union Square, New York, Jan. 28, 2021. Ocasio-Cortez described the decision as unacceptable and said she would support a hearing by the U.S. House Committee on Financial Services. Cruz then replied to Ocasio-Cortez s tweet, saying he agreed with her take on the latest development in the GameStop saga.