GameStop: How rookie investors beat seasoned counterparts at their own game
The GameStop share price has been skyrocketing and the short-selling tables have been turned on hedge funds who bet the stock will tank by amateur investors on Reddit.
Source: AFP
GameStop may well be a nondescript struggling chain of video game retail stores in the US, but if its stock price is anything to go by then it is definitely more in demand than the hugely popular FAANG – Facebook, Apple, Amazon, Netflix and Google – group of stocks that has even made Indians look at the US stock market for investment opportunities.
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From Wall Street to the White House, everyone is watching GameStop shares.
What s happening: Stock in the left-for-dead video game retailer shot up an astonishing 135% to $347.51 on Wednesday, bringing gains since the start of January to 1,745%. In the battle between day traders coordinating on Reddit and legacy hedge funds betting GameStop shares will crash, the rag-tag internet crew is winning the day at least for now.
It s not just about GameStop anymore. Shares of AMC Entertainment, Nokia, Tootsie Roll Industries and the shell of a bankrupt Blockbuster also soared Wednesday as emboldened small investors looked further afield.
Earlier this week, I wrote about how the spectacle has grabbed Wall Street s attention, forcing the old guard to reckon with how the democratization of investing through no-fee trading platforms like Robinhood is affecting market dynamics. There s plenty more to be said on that front. But for now, there s one big question: Just how does this episode end