In an "ask me anything session" on r/wallstreetbets, entrepreneur Mark Cuban also encouraged GameStop buyers to hold on to their stock if they were able to. A team of researchers has extensively analyzed discussions on /r/wallstreetbets from November 27, 2020 through February 3, 2021, finding that it took only a few dedicated individuals to trigger a behavioral cascade that resulted in an unprecedented short squeeze of GameStop's stock, driving the price up roughly 2,000% during that period.. I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see. [39] However, users quickly formed similar servers on the application,[39] and Discord reversed its decision the next day, attempting to help the community moderate its server instead. [20][89][90] Citadel LLC and firm partners then invested $2 billion into Melvin, while Point72 Asset Management's investment added $750 million, for a total investment of $2.75 billion,[91][92][93] before Melvin told CNBC that they covered (closed) their position on January 26, although the exact amount was not disclosed. Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. [176][needs update], On January 28, 2021, the House Financial Services Committee announced that it would convene a hearing to discuss online trading platforms. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. [32], Gamestonk!! This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. A brief history of short squeezes before GameStop. [7][8] Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years. A short interest ratio of 10 or greater indicates strong pessimism about a stock. [155], Following the stock market surge, futures for silver began to rapidly increase as well,[156][157] although later news reports clarified that it was unclear who was behind the rise. "[b]a reference to the "stonks" meme rising in popularity at the timealong with a link to the r/wallstreetbets subreddit. [95][96] For the month of February, Melvin posted a 22-percent gain, but it would need much more to break even from their earlier losses; they were reported to have suffered further losses during the GME's continued resurgence in May 2021. [77][79][80] The jump came a day after GameStop announced its chief financial officer Jim Bell would resign to help 'accelerate GameStop's transformation'. [113][111], While the short squeeze was initially reported as being driven by retail investors, it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze. Because Yellen had received speaking fees from Citadel before becoming treasury secretary, she sought and received permission from Treasury Department ethics lawyers before convening the meeting. [220], In a CNBC interview, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street, saying that "it's a chance for Joe and Jane Americathe retail buyers of stockto flex back and push back on these hedge funds. [57][58][59] The DTCC, for instance, increased the total industrywide collateral requirements from $26 billion to $33.5 billion,[63] noting that the large trading volumes in specific stocks "generated substantial risk exposures at firms that clear these trades []particularly if the clearing member or its clients are predominantly on one side of the market". In premarket trading, the price reached levels above $500, from around $17. GameStop And The Short Squeeze. GME has struggled in recent weeks, accumulating losses of 50% since the June peak. Gme Short Squeeze Timeline. The study was published last week to the journal Royal . Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." [179] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev. [71] The short squeezed securities' prices continued to decline during the week. [85], On March 25, the stock rose 53 percent from its previous day's decline of 34 percent. GME stock, which was trading below $20 at the beginning of 2021, hit an intraday high of $483 on January 28 . As the stock prices continued to decline, many retail investors suffered significant losses,[73][74][75] with some r/wallstreetbets users losing a majority of their savings.[123][124]. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide. Several Wall Street analysts released research . [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. [88][248] Steve Cohen deleted his Twitter account after threats to his family. [76][77][78] Similar gains, although not as high, were reported with cinema operator AMC, clothing retailer Express and communications software group BlackBerry. Purchasing the stock to cover their short positions raises the price of the shorted stock, thus triggering more short sellers to cover their positions by buying the stock. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. [15], Another user, Stonksflyingup, posted a humorous video on October 27, 2020, explaining how a short position by Melvin Capital could be used to execute a short squeeze, using a scene from Chernobyl to illustrate how the hedge fund would blow up similarly to a nuclear reactor. [165][166] The regulators were not seen as likely to view the volatility as creating any systemic risks. [233] YouTuber Philip DeFranco announced he would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking spot on my show again regardless of the offer. GME Is GameStop's Short Squeeze Just Around The Corner? Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "GameStop frenzy takes cryptocurrency market over $1 trillion", "Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800%", "The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz", "Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio", "Robinhood restricts crypto trading as Dogecoin soars 300 percent", "Silver futures jump 7% as Reddit traders try their squeeze play with the metal", "Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy", "Silver hits eight-year high, but who's behind the buying? (2023). "[234] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading". [56], Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the result of clearing houses raising the required collateral for executing trades. His investigation has extended to 13 entities, including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and Citadel Financial. r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . [226] Palihapitiya, who passed on early investment opportunities in Robinhood, opined that the founding co-CEOs, Baiju Bhatt and Vladimir Tenev, lacked integrity and urged his followers to delete the app. [86][87], Short sellers who had bet against GameStop suffered large losses as a result of the short squeeze. [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . [60][58][61] Clearing houses include the Depository Trust & Clearing Corporation (DTCC) for equities and the Options Clearing Corporation (OCC) for options. GameStop traces its roots to Babbage's, a Dallas, Texas-based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin. [47] On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. [179][180] Representatives focused their attention on Robinhood's role in the event, asking Tenev why the brokerage had limited the trading of some securities and if it had clearly communicated its business model to its customers. [239], Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the trading of GameStop securities, pushing its ratings down to one star. [111] There is no allegation of insider trading among BlackBerry executives, according to CBS News. [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. Those include American Airlines and AMC-the latter of which has even been mentioned by Redditors. [244], The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was being targeted online, including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language". So, as long as management can provide some results, then we should be good. This leads to a sharp rise in demand for the share, and huge rally . It was previously branded as Textalytics. [78], On March 8, the stock saw continued rising of 41 percent to $194.50, and with around 25 percent of the stocks being shorted at this time. It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. GameStop Company History Timeline. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment. Earlier that day the share price had soared to nearly $350 (250) - 100 times more than this time . [243] Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door. [186][187], A second class-action was filed in the Northern District of Illinois claiming that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers". The price of many other heavily shorted securities and cryptocurrencies also increased. Other co-owners of the Charlotte Hornets with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result. Even my 11 yr old traded w them and made $", "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. [226] OpenAI CEO Sam Altman suggested the company change its name. [102] Due to the enormous losses, Left stated that Citron Research would stop providing short-sell analysis, and instead focus on "long side multibagger opportunities for individual investors". Please select the country you are shopping from. GameStop had been a favourite target of short-sellers for some time. GameStop Short FTD Squeeze Timeline gmetimeline.com places events surrounding the GameStop short squeeze onto a timeline to make connecting the dots a whole lot easier Jump To Year:202120202019201820172016201520142013201220102004The Start light | dark | stop animations GameStop Short FTD Squeeze Timeline Show All Hide All Headlines Only #$GME Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide | Committee Repository | U.S. House of Representatives", "In GameStop Saga, Robinhood Is Cast as the Villain", "US lawmakers focus ire on Robinhood in GameStop recriminations", "Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga", "Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy", "Democrats Question Game-Like Trading Apps at House Hearing", "Robinhood customer files class action suit over GameStop trading restrictions", "Class-action lawsuit filed against Robinhood for restricting trading", "Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos", "This App Lets You Automatically Join the Robinhood Class Action Lawsuit", "Robinhood customer sues trading app over GameStop restrictions", "Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop", "Customers sue Robinhood Financial over stock trade suspensions", "Colorado man files federal lawsuit against Robinhood and other stock trading platforms", "Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys", "After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app", "Court dismisses claims Robinhood wrongly restricted 'meme stock' trades", "SEC Urges Company Disclosures on Fundraising During Market Frenzy", "SEC Warns Companies About Stock Price Volatility Disclosures", "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility", "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy", "After the GameStop fiasco, momentum builds for an $800 billion tax", "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax", Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform, "U.S. congressional panel calls for crackdown after 'meme-stock' saga", "Robinhood Says it Will Reallow GameStop Trades", "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino", "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge", "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? [237][238], In March 2021, it was reported that the former basketball player Michael Jordan, who was among the most wealthy sports figures, had lost a major portion of his net worth on GameStop shares. Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml [173], Attorney General of New York Letitia James confirmed in a press release that her office would look into the matter, saying "We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock". "[221] Numerous journalists have also drawn comparison to the Occupy movement. The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . The trading frenzy in. Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . A Detailed Overview of the GameStop Short Squeeze February 25, 2022 A Detailed Overview of the GameStop Short Squeeze From January 4, 2021 to January 29, 2021, the GameStop Corp. (GME) stock rose from $17.25 to $325.00, which is almost a 1900% increase in valuation (Yahoo Finance, 2021). [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. I'm not sure there is. Here's how they end", "Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment", "GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist", "Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon", "Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys", https://en.wikipedia.org/w/index.php?title=GameStop_short_squeeze&oldid=1150240747. GameStop Canada. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged in the neighborhood of $200 per share for another month. Updated: 29 Jan 2021, 04:34 PM IST Mobis Philipose. [104][105], On January 26, it was reported that short sellers had lost a total of $6 billion due to the squeeze. [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. In addition, the many call options they bought forced the brokers to buy GameStop shares as well. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. [249] Citadel Securities is the sister company to Citadel LLC, which along with Point72 Asset Management invested $2.75 billion into Melvin Capital. A variety of politicians and commentators across the political spectrum made statements in support of those driving up the price of GameStop and other stocks, as well as against Robinhood and other companies' decision to limit these trades, including Representative Alexandria Ocasio-Cortez,[205] Senator Ted Cruz,[206] Representatives Ro Khanna,[207] Ted Lieu,[208] and Rashida Tlaib,[209] Fox Business host Charles Payne,[210] and conservative political commentators Rush Limbaugh,[211] Ben Shapiro,[212] and Donald Trump Jr.[213][214], Senator Elizabeth Warren criticized both the short sellers and the buyers, and argued that more regulation was needed. 1984. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [29] Some of those investing into the stock were young teenage investors. [266] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. [57][249][250] Bloomberg News had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities, in a practice known as payment for order flow. Learn More on GameStop's short interest ratio. They also questioned whether Robinhood was encouraging its customers to take excessive risks in order to generate a profit and whether it had the appropriate infrastructure and funding to handle influxes of new clients. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. [248], Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities. [222][223][224] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[225] and Chamath Palihapitiya. [241] However, after another round of negative reviews on the app dropping it to a 1.1-star rating, Google confirmed that the new reviews do not violate Google policies and will not be removed. GameStop did not suddenly solve all these problems in the last week, and likely isn't a good investment from a fundamental perspective. Maybe not", "BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy", "GameStop frenzy helps fuel sharp gains for Morgan Stanley fund", "Mormon Church cashes in on GameStop and Tesla stock craze", "Koss family got $32 million from Reddit-fueled stock market frenzy more than the company was worth at the end of 2020", "As GameStop stock crumbles, newbie traders reckon with heavy losses", "GameStop Investors Who Bet Bigand Lost Big", "How the 'SaveAMC' campaign caused the movie theater company's stocks to soar", "American Airlines spikes 31% as Reddit traders direct their attention toward another heavily shorted stock", "Bankrupt Blockbuster Joins Reddit-Inspired Retail Rally", "Bed Bath & Beyond, AMC rally with GameStop as little investors squeeze hedge funds in more stocks", "Stock Investors Are Hunting for the Next GameStop on Reddit and Twitter", "GameStop mania may have ruined this hot Wall Street trade", "Why Virgin Galactic, Palantir, Kodak, Genius Brands, and Other Heavily Shorted Stocks Soared Today", "It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher", "Virgin Galactic (SPCE) and iRobot (IRBT) among stocks rallying in assault on shorts", "Koss Stock Up Over 1,000% In Three Days", "Not Just GameStop: Here Are The Meme Stocks WallStreetsBets Traders Are Pumping Up During This 'Extremely Erratic' Reddit Rally", "Reddit Ignites Mall Stock and Fund Cashes Out $500 Million", "NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams", "Why Is National Beverage Surging 27% Higher Today? . [192][193] In January 2022, a federal court ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. ", "Silver price hits eight-year high, as GameStop shares fall back", "Reddit users say they are not behind Monday's silver squeeze", "Redditors divided on shift to push up Silver", "Silver price surges amid investor frenzy but Reddit users say it isn't them", "Silver is surging but users on WallStreetBets say they're not behind the rally", "Biden administration 'monitoring the situation' with GameStop's stock, White House says", "Exclusive: Treasury's Yellen calls top regulator meeting on GameStop volatility, consults ethics lawyer", "Yellen to Meet Financial Regulators Thursday on Market Tumult", "Regulators Meeting on GameStop Frenzy Are Unlikely to Find Systemic Risk", "Pelosi says Congress will be part of GameStop scrutiny", "Breaking: Incoming Chairman @SenSherrodBrown's response to the current state of the stock market", "Private investors deserve to know Wall Street and hedge funds are not engaged in malicious behavior when the pendulum swings in favor of private investors, not corporate cronies. In the GameStop short squeeze, Melvin and Citron (and possibly others) shorted GameStop's stock. Several hedge funds even . "; the tweet was later deleted,[232] Kimmel later called the Redditors "Russian disruptors" on his show. [99][100], According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss. Dozens of class action lawsuits have been filed against Robinhood in U.S. courts, and the U.S. House Committee on Financial Services held a congressional hearing on the incident. [20], On January 27, 2021, technology news website Mashable reported that the subreddit had broken pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours. [236][additional citation(s) needed], However, investor Michael Burry, who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous". Other investors held onto their long positions while the stock prices were declining rapidly, amid widespread calls on r/wallstreetbets to hang on to the failing shares. It's difficult to have a partnership when these kind of things go down this way. [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. [40], On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC), a company in a similar position to GameStop. 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Altman suggested the company, according to CBS News `` Russian disruptors on. Moving -0.4 % from the previous trading session Cohen deleted his Twitter account after threats to family. Last week to the journal Royal a partnership When these kind of things go down way... Million shares in the company change its name Bloomberg News as `` potentially an early sign that the squeeze! Of market manipulation from prominent politicians and businesspeople from across the political spectrum `` Russian disruptors on... Updated: 29 Jan 2021, 04:34 PM IST Mobis Philipose provide some results, we. And Loses When short Sellers who had bet against GameStop suffered large losses as a result the! Value of the short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $ 325 criticized... 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