GameStop is at the center of a stock market battle for the ages. The stock is on its way up and continues to rise. The three largest shareholders have made more than $2 billion as a result.
Hedge funds had shorted the stock, betting on the company tanking during the pandemic. Reddit users got wind of it and decided to work against the Wall Street bet and started buying the stock up. So while smaller investors started to make money, hedge funds were losing their behinds and now they are calling foul. They manipulated the stock, others manipulated right back, and trading was briefly halted as those who were used to winning started to lose and suddenly didn’t like the rules.
This is shining light on how much power some groups have to pervert the stock market. It could result in regulatory changes, perhaps making stock shorting illegal. So wealthy people tried to game GameStop and were gamed themselves and that could change the rules of the game. So punk and so meta!