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Aaron KellerJan 28th, 2021, 6:19 pm
The ongoing saga surrounding GameStop’s skyrocketing stock price, as fueled by Redditors on a subreddit called “WallStreetBets,” is drawing the legal attention of regulators and professors.
In brief, professional investors tried to make money betting against GameStop’s future chances of success, and Redditors rallied a massive purchase of the company’s stock price to stiff the pros and force them to lose money.
GameStop’s stock price reached a dizzying high of $492.02 per share just after 2:00 p.m. on Thursday after registering at about $126 per share two and a half hours earlier. The day before, the price maxed out at about $372 per share. The day before that, the price topped out at about $148 per share. The company spent almost its entire existence prior to the Redditors’ efforts selling its shares at between $5 and $20 each, save for a few spikes lasting several months each into the $50 range. Noting was ever close to the