in #CASE you missed it... Hedge Funds Betting Against GameStop No Match For Reddit Mob
The Treasury Department is reportedly “monitoring the situation” that’s seen the company’s stock skyrocket over 1,200% after “Redditors collectively decided to buy” shares. In mid-August, GameStop’s stock was down to $5 a share, with hedge funds betting against it growing beyond that.
Then, the users of a Reddit forum randomly decided GameStop was the way to go…and started a buying frenzy. That’s caused short sellers to lose an estimated $5-billion in the process.