An army of amateur traders loosely organizing on Reddit have shaken up all preconceived notions about the stock market as they fueled the meteoric rise of GameStop stock.
Shares for GameStop, the electronics retailer that has largely struggled in recent years, have skyrocketed by nearly 2,000% since the beginning of the year. Shares were trading at around $350 on Wednesday, compared to less than $18 a share earlier this month essentially creating billions of dollars in value for shareholders.
On Wednesday alone, the hot stock jumped by more than 100% after Tesla and SpaceX CEO Elon Musk further fanned the flames on Twitter after markets closed Tuesday.
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Shares for the struggling video game retailer climbed nearly 2,000%.
• 8 min read
Reddit community WallStreetBets squeezes short sellers
ABC News Rebecca Jarvis breaks down the Wall Street battle between established hedge funds and a group of internet traders who are causing some stock prices to skyrocket.Jeff Roberson/AP, FILE
An army of amateur traders loosely organizing on Reddit have shaken up all preconceived notions about the stock market as they fueled the meteoric rise of GameStop stock.
Shares for GameStop, the electronics retailer that has largely struggled in recent years, have skyrocketed by nearly 2,000% since the beginning of the year. Shares were trading at around $350 on Wednesday, compared to less than $18 a share earlier this month essentially creating billions of dollars in value for shareholders.