Last Updated on November 5, 2022 by admin
It all started with a group of amateur investors who decided to band together and drive up the stock price of GameStop, a struggling video game retailer. The thinking was that if they could get the stock price to increase, they would force the big hedge funds that were betting against the company to abandon their positions. And that’s exactly what happened.
The surge in GameStop’s stock price caused the hedge funds to lose billions of dollars, and now they’re scrambling to contain the damage.Wall Street is watching closely because this could be just the beginning. If amateur investors can successfully band together and drive up stock prices, it will upend the way that Wall Street does business.