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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.
- Dec. 8, 2020: Gamestop Reports Dismal Earnings, Stock Takes A Tumble
- Jan 13, 2021: Stock Surges More Than 50%
- Jan. 19, 2021: Citron Research Calls Gamestop Buyers 'Suckers'
- Jan. 22, 2021: Gamestop Surges 50%
- Jan. 26, 2021: 'Gamestonk' Gets Celeb Backing from Elon Musk
- Jan. 27, 2021: Major Short Sellers Close -- at A Significant Loss
- Jan. 29, 2021: Sec Weighs In, Trading Platforms Re-Allow Most GME Transactions
- Jan. 31, 2021: 'Deadline' Reports A Hollywood Movie Deal
- Feb. 2, 2021: GME Falls, All Eyes on What Comes Next
- Feb. 4, 2021: Janet Yellen Meets with Regulators
In early December, GameStop reported that net sales plummeted in the third quarter of its fiscal year 2020, down more than 30% compared to the same time period in 2019. The retailer attributed this drop in sales to a number of reasons, including an "11% reduction in the store base." In the same earnings report, however, the company highlighted a br...
Some retail traders jumped on GameStop's announcement, and in just a few days the stock closed at $31.40 a shareon Jan. 13 -- a spike of more than 50% since the Jan. 11 announcement. Many link the initial push in r/wallstreetbets toward GameStop to an individual investor identified by the Wall Street Journal as Keith Gill, but known on Reddit by hi...
Citron Research, a stock research firm run by famous short-seller Andrew Left, took aim at those buying GameStop stock in a snappy tweet on Jan. 19. Shares opened that day at $41.55. The firm said that the following day at 11:30 am ET it would host a livestream announcing five reasons why GameStop "buyers at these levels are suckers at this poker g...
As the tug-of-war between the everyday investors and hedge funds heated up and support grew for GameStop on r/wallstreetbets, the stock skyrocketed more than 50% in the trading session on Jan. 22. It opened that day at $42.59 a share and closed at $65.01. During after hours and pre-market trading that weekend, the GameStop continued to climb. On Ja...
Just after markets closed on Jan. 26, Elon Musk tweeted the term used heavily in the Reddit page to refer to GME -- "Gamestonk!!" -- and a link to the r/wallstreetbets forum. The Tesla chief executive has some 44 million Twitter followers and was already a popular figure among users of the Reddit forum -- especially as Tesla stock soared in recent ...
Citron Capital and Melvin Capital, two firms shorting GameStop stock that were referenced heavily in the r/wallstreetbets forum, said on Tuesday that they were closing their positions. Left of Citron Research made the announcement in a YouTube video, saying Citron Capital let go of the majority of their bets that GameStop stock would fall and took ...
The U.S. Securities and Exchange Commission on Jan. 29 issued a statementsaying it is "closely monitoring and evaluating the extreme price volatility of certain stocks' trading prices over the past several days." The SEC's statement, however, did not mention any stocks, social media platforms or trading platforms by name, but said the agency "will ...
After a drama-filled week that gripped the nation, the entertainment industry outlet Deadline reported that the saga was already being turned into a movie that was being produced by Tyler and Cameron Winklevoss (of "The Social Network" fame). MGM Studios shared Deadline the article on their site. A few days later, Tyler Winklevoss tweeted a link to...
After it's precipitous rise the previous few weeks, on Feb. 2 GameStop stock opened some 50% down at$140.76 a share. Vanderbilt professor White told ABC News that this "David versus Goliath" saga "reflects a lot in our society" amid a pandemic that has exacerbated income inequality. Still, he expressed worry about what comes next -- and how GameSto...
Treasury Secretary Janet Yellen publicly addressed the saga during an interview with "Good Morning America"on Feb. 4, saying she was meeting with regulators to discuss if the agencies need to take "further action." "I'm actually hosting a meeting later this morning with top regulators at the SEC and the Commodity Futures Trading Commission, and als...
- Catherine Thorbecke
- 8 min
Sep 15, 2023 · The movie Dumb Money follows the real-life events of the GameStop short squeeze that took place in early 2021, when shares of the game retailer soared and retail investors banded together to beat Wall Street titans. The film explores the ways the traders, the hedge funds, and the platforms were affected by the phenomenon, as well as the controversies and the lessons of the story.
The GameStop stock surge began for a legitimate reason: The company announced on January 11 it had added three new directors to its board, including Chewy co-founder Ryan Cohen.
Sep 1, 2023 · How did a struggling video game retailer become a meme stock and a hedge-fund nemesis? This article traces the key events that led to the epic short squeeze of GameStop in January 2021, from Michael Burry's investment to Reddit's army of retail investors.
Jan 29, 2021 · An army of traders on the Reddit forum r/WallStreetBets helped drive a meteoric rise in GameStop’s stock price in recent days, forcing halts in trading and causing a major headache for the...
Jan 28, 2021 · GameStop's stock has soared to unbelievable heights lately. Topping $400 per share earlier Thursday, it was up more than 2,000% so far in this young year, including a 134% jump on Wednesday alone. But it continues to be a bumpy ride for investors.
