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February 2, 2021 at 5:00pm
For the last couple of weeks, GameStop a struggling brick-and-mortar video game retailer has been at the center of one of the financial world s biggest news stories. Activity by social media investors pushed GameStop s shares to major heights, forcing Wall Street hedge funds to pay up huge sums of money.
The price of the video game company s shares have been extremely volatile alongside shares of AMC Theatres, Blackberry and Nokia after WallStreetBets a Reddit group encouraged individuals to buy stock in these companies, resulting in stock prices skyrocketing. The social media rally is unprecedented in the financial world.