Let’s do some pumps! How Reddit traders defeated Wall Street short-sellers
GameStop, a rather old-fashioned company that sells physical copies of video games in shops in dying malls, is currently the hottest stock in the United States, a “meme stock.” The GameStop microstock listed on the NYSE is at the center of small investors' battle organizing via Reddit against institutional Wall Street short-sellers. The share price jumped from $4 last summer to $20 at the end of 2020, to $40 two weeks ago. At the time of publishing, it is worth $126, resulting in a market capitalization of more than $8B. Already down from $400 and $28B, respectively.