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If you have been paying any attention to the news over the past few weeks, you may have heard of the exponential rise and the equally dramatic drop in the share price of video game retailer GameStop (GME) and other "meme" stocks those favored by millennials like AMC Theaters. The two-week frenzy, which pitted individual amateur investors against seasoned professionals and resulted in a Congressional inquiry began rather innocently in an online community on Reddit. ....
Melissa Kopka/iStock (NEW YORK) The GameStop saga. No one could have anticipated that a struggling video game retailer would be at the center of a next-level frenzy in the stock market that captivated the world, brought hedge funds to their knees and upended the conventions about small investors. Users from the Reddit page r/wallstreetbets earlier this month gobbled up stock from floundering chain GameStop, sending the price soaring and forcing institutional investors who bet against the company to back out performing what’s known as a “short squeeze.” The phenomenon where short sellers are forced to repurchase stock as prices rise, thereby pushing the price higher isn’t new, but the combination of characters and technology and novel trading platforms forced Wall Street and regulators to pay attention to retail investors as never before. ....