Why Wall Street Is 'Losing Its Mind' Right Now : comparemela

Why Wall Street Is 'Losing Its Mind' Right Now


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Source: AP Photo/Richard Drew
Wall Street is “losings its mind” over retail traders that have banded together to take on at least two hedge funds that bet the shares of GameStop would fall, Fox Business host Charles Payne explained Wednesday.
Thanks to their efforts, the video game retailer’s stocks have surged.
"These hedge funds selling this stock, they don’t own the stock, so they borrow it," Payne explained. "Imagine you borrow a stock that’s trading at $10 and then you drive the share price down and then you buy it back for a dollar. You make the difference, nine bucks."

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