WallStreetBets – Page 5 – Financial Treason & Crime

Taylor Tepper, 27 January 2021

There’s something very weird happening in shares of GameStop (GME).

A market frenzy has pushed the shares of the Grapevine, Texas-based video game retailer up more than 3,000% in just a few months—far, far outsripping the market as a whole. A once-dormant brick-and-mortar retailer with sagging sales, GameStop was worth $300 million in August 2019. Today it has a market cap of almost $20 billion.

Nobody knows what it’ll be worth tomorrow.

GameStop has not invented an addictive new gaming platform. GameStop has not rolled out an awe-inspiring online gaming delivery service. GameStop is a store at the mall. That doesn’t bode well for revenue, given that state governments have imposed rolling lockdowns and stay-at-home orders to limit the spread of Covid-19. And yet here we are. Continue reading “Article: What’s The Endgame For GameStop?”

GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them

Ben Winck, 25 January 2021

Investors betting against GameStop and the army of bullish retail traders have already lost billions in 2021. Mark-to-market losses for GameStop shorts on a year-to-date basis reached $3.3 billion when trading closed on Friday, according to data from the financial-analytics firm S3 Partners. Losses totaled nearly $1.6 billion on Friday alone as shares rocketed 51% higher into the close.

GameStop stock has continued to climb as Reddit users and day traders have extended the unusual momentum trade into its third week. The company’s shares initially leaped on January 11 after it agreed with an activist investor to add three new directors to its board. The day’s gains drew in swaths of retail traders, including members of the popular WallStreetBets subreddit. Continue reading “Article: GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them”