Their plan caught the eye of a group of amateur day traders on the Reddit subgroup wall-street-bets, who decided to jump on the money train and fight the hedge fund billionaires by buying the stock and pushing up the price. GameStop’s less-than-stellar finances recently attracted the attention of Melvin Capital, a Wall Street hedge fund that’s been short-selling the company’s stock, betting that it will fail.
If you aren’t caught up, here’s the gist:
Have you heard about the ongoing issues with Reddit, Wall Street and the video game store GameStop? The short-selling shakeup has been all over the news in recent days.
