When Social Media Defeated Wall Street | GameStop stock surge explained | 2000% rise in 1 month |
Description
ecently a company called game stop made headlines as Games tops stock price has surged by 2000% in just one month. That’s phenomenal. Of course, people made lot of money but some big corporations lost billions. All because of a social media platform called Reddit. GameStop has captivated Wall Street’s attention. But the obsession isn’t just with the rally, it’s with who’s making money off of it. Legions of individual investors -- regular, everyday people -- gathered on social platforms like Reddit and decided to send GameStop stock, as they would say, to the moon. This week, GameStop shares soared 400%, a hedge fund had to get bailed out, and online trading platform like reddit had to restricting trading on GameStop and other hot stocks. Here’s how the GameStop saga played out, and what’s next as lawmakers turn their sights on the story that took over Wall Street this week.
United States
