[56], Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the result of clearing houses raising the required collateral for executing trades. Gains continued in after-hours trading, nearing an additional 100 percent. [254], During the February 18 hearing held by the House Financial Services Committee, Citadel CEO Kenneth Griffin and Robinhood CEO Vlad Tenev faced questioning regarding their relationship and denied that the limits imposed on the trading of GameStop shares had been requested by Citadel. GameStop is a brick-and-mortar video and computer game retailer. [25], In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a short squeeze on GameStop, pushing up the stock price significantly. [243] Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door. It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . In January 2021, a short squeezeof the stockof the American video game retailer GameStop(NYSE: GME) and other securitiestook place, causing major financial consequences for certain hedge fundsand large losses for short sellers. Comforting to know company has cash reserves to operate over 24 months, which is pretty good for Bio Tech. Toilet Paper Analogy. [20][89][90] Citadel LLC and firm partners then invested $2 billion into Melvin, while Point72 Asset Management's investment added $750 million, for a total investment of $2.75 billion,[91][92][93] before Melvin told CNBC that they covered (closed) their position on January 26, although the exact amount was not disclosed. [157] On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading[which?] Other co-owners of the Charlotte Hornets with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result. A team of researchers has extensively analyzed discussions on /r/wallstreetbets from November 27, 2020 through February 3, 2021, finding that it took only a few dedicated individuals to trigger a behavioral cascade that resulted in an unprecedented short squeeze of GameStop's stock, driving the price up roughly 2,000% during that period.. [94] On January 27, a Melvin Capital spokesperson stated that the fund had closed its position after repositioning its portfolio. and Kerckhoven, S.V. The study was published last week to the journal Royal . Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. As a member of the Financial Services Cmte, I'd support a hearing if necessary. It opened that day at $42.59 a share and closed at $65.01. The movie will feature the David vs. Goliath battle between retail traders and hedge funds and use actors instead of a . #RobinHood #RedditArmy #GME #GMEtothemoon", "Robinhood restricts trading of GameStop stock, drawing criticism from lawmakers", "Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino', "Warren calls on SEC to crackdown on market manipulation, explain GameStop rally", "Massachusetts regulator says GameStop speculation is a danger to the whole market, as TD Ameritrade restricts trading", "Kevin O'Leary cheers GameStop frenzy despite risk as 'real world' lesson for novice investors", "DiNapoli: NYS Pension Fund Favored from Increase in Value of GameStop's Stock", "Reddit co-founder Alexis Ohanian compares GameStop's epic ride to Occupy Wall Street: 'I don't think we go back to a world before this', "Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street", "GameStop's Reddit Revolution Echoes Occupy Wall Street Crusade", "Kelly Evans: Gino Siniscalchi: Occupy Wall Street 2.0", "I got to say I LOVE LOVE what is going on with #wallstreetbets. r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . A variety of politicians and commentators across the political spectrum made statements in support of those driving up the price of GameStop and other stocks, as well as against Robinhood and other companies' decision to limit these trades, including Representative Alexandria Ocasio-Cortez,[205] Senator Ted Cruz,[206] Representatives Ro Khanna,[207] Ted Lieu,[208] and Rashida Tlaib,[209] Fox Business host Charles Payne,[210] and conservative political commentators Rush Limbaugh,[211] Ben Shapiro,[212] and Donald Trump Jr.[213][214], Senator Elizabeth Warren criticized both the short sellers and the buyers, and argued that more regulation was needed. As with a typical short squeeze, the short-covering added to the upwards price action. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats. [150][151][152] Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin". [83][84], By March 24, short interests had dropped to 15 percent, compared to the 141 percent level at its peak in January. [179] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev. "[191] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits. Weaponising Social Media for Information Divide and Warfare. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide | Committee Repository | U.S. House of Representatives", "In GameStop Saga, Robinhood Is Cast as the Villain", "US lawmakers focus ire on Robinhood in GameStop recriminations", "Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga", "Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy", "Democrats Question Game-Like Trading Apps at House Hearing", "Robinhood customer files class action suit over GameStop trading restrictions", "Class-action lawsuit filed against Robinhood for restricting trading", "Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos", "This App Lets You Automatically Join the Robinhood Class Action Lawsuit", "Robinhood customer sues trading app over GameStop restrictions", "Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop", "Customers sue Robinhood Financial over stock trade suspensions", "Colorado man files federal lawsuit against Robinhood and other stock trading platforms", "Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys", "After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app", "Court dismisses claims Robinhood wrongly restricted 'meme stock' trades", "SEC Urges Company Disclosures on Fundraising During Market Frenzy", "SEC Warns Companies About Stock Price Volatility Disclosures", "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility", "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy", "After the GameStop fiasco, momentum builds for an $800 billion tax", "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax", Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform, "U.S. congressional panel calls for crackdown after 'meme-stock' saga", "Robinhood Says it Will Reallow GameStop Trades", "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino", "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge", "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? [233] YouTuber Philip DeFranco announced he would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking spot on my show again regardless of the offer. [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. GameStop Canada. 1984. [42] Disruptions and restrictions limiting trade have been reported on multiple brokerages such as Charles Schwab Corporation, its subsidiary TD Ameritrade, and Robinhood. [111] There is no allegation of insider trading among BlackBerry executives, according to CBS News. U.S. House Committee on Financial Services, Economic impact of the COVID-19 pandemic in the United States, settle a member's outstanding transactions, The Church of Jesus Christ of Latter-day Saints, Keith Patrick Gill's Opening Statement Before the U.S. House Committee on Financial Services, United States District Court for the Southern District of New York, United States House Committee on Financial Services, Massachusetts Secretary of the Commonwealth, "How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla", "GameStop: how Reddit amateurs took aim at Wall Street's short-sellers", "Meme Stock Saga Officially Over? Many traders were furious, and called for class-action lawsuits in multiple popular Reddit posts. His net worth, as reported by Forbes, had declined by $500 million from its peak of $2.1 billion in 2019. [148][149], After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent. [88][248] Steve Cohen deleted his Twitter account after threats to his family. Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . [27] The stock price increased 1,500 percent by January 27 over the course of two weeks, and its high volatility caused trading to be halted multiple times. [111], GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700. In 31st ACM Web Conference, Industry Track (WWW), Lyon, France (2022). [154] Robinhood then began limiting the trading on Dogecoin. Bonjour! Meanwhile, apes remain confident that the stock can go. GameStop's short percent of float recently was about 13.3%. [98], On June 22, 2021, White Square Capital, a London-based hedge fund that was reported to have suffered "double-digit" losses betting against GameStop, announced that it would be shutting down. [183], A Robinhood customer filed a class-action lawsuit against the company on January 28, 2021, for halting trading on GameStop. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. [116] Similarly, an analysis by investment bank JP Morgan Chase suggested that institutional investors were heavily involved in the trading activity related to the short squeeze. [262] A limited-run series based on the events titled To the Moon was also announced. [106] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years. This page was last edited on 17 April 2023, at 01:45. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325. The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, primarily triggered by the Reddit forum WallStreetBets. 4,273 Jobs. "[218] In another CNBC interview joined by Canadian businessman and Shark Tank investor Kevin O'Leary, O'Leary disputed Galvin's assertions, saying that real-world education was positive; that the risk of being targeted by "social media vigilantes" would dissuade hedge funds from aggressively selling short stocks; and zero-commission brokerage apps such as Robinhood had sparked a growing interest in retail investing. [118][114] Asset manager BlackRock had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak. [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? [174][175], Texas Attorney General Ken Paxton said he would also investigate the decision of brokerages to limit the buying of securities related to GameStop and other stocks, saying that it "stinks of corruption". Ehsan-Ul Haq, Gareth Tyson, Tristan Braud and Pan Hui. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. [12][28] According to Dow Jones market data, more than 175 million shares of GameStop were traded on January 25, the second largest total in a single day, surpassing its 30-day average volume of 29.8 million shares. The Congressional Research Service ("CRS") provided a timeline for the run-up to the GameStop stock "short squeeze." In its Insight report, the CRS highlighted the speculated motivations for investor support of GameStop - such as the belief that the stock was undervalued and "getting back" at Wall Street for the 2008 stock market crash - as well as the relationship between volatile stocks and . This can result in a cascade of stock purchases and an even bigger jump of the share price. [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. [88], By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments. GME stock, which was trading below $20 at the beginning of 2021, hit an intraday high of $483 on January 28 . [47] On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. Price action has just moved off of a strong zone of support (pink solid line), which led to a 152% rally after it's retest in may. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. [7], However, in mid-2019, investor Michael Burry's Scion Asset Management acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares. [114] The mutual fund Morgan Stanley Institutional Inception saw a 30-percent rise in its value based in part due to the 346,943 GameStop shares it had purchased in September 2020. [195], On February 8, 2021, the U.S. Securities and Exchange Commission released a sample letter providing guidance to companies seeking to raise capital during periods of "extreme price volatility". [184][185] Several other investors began using the app DoNotPay to automatically join the lawsuit. A Reddit-fueled day-trading craze last month pushed shares of GameStop Corp., the videogame retailer, as high as $483, but the hype has fizzed.. [76] Reports could not identify a specific cause for the surge. A brief history of short squeezes before GameStop. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. [85], On March 25, the stock rose 53 percent from its previous day's decline of 34 percent. Why? Several Wall Street analysts released research . [248], Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities. [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. The shares of GME Resources, an Australian mining company with Australian Securities Exchange (ASX) symbol GME, increased more than 50 percent during intraday trading, closing with a 13.3-percent increase on January 28. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. Large losses could lead to a short squeeze Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 685,000 shares, worth $207. [122], Many retail investors and r/wallstreetbets users bought shares of GameStop and other affected securities as they were reaching their peak prices or shortly afterwards. [256][257] Internal Robinhood messages stemming from a class-action lawsuit, showed Robinhood executives "scrambled to talk to Citadel CEO Ken Griffin", on January 27, 2021, the day trading of GameStop and related stocks was temporally halted, according to VICE. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide. GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it's still not comfortable giving guidance yet. [194], A lawsuit was filed in a court in Massachusetts by securities class action firm Hagens Berman Sobol Shapiro on behalf of an investor against Keith Gill. Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "GameStop frenzy takes cryptocurrency market over $1 trillion", "Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800%", "The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz", "Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio", "Robinhood restricts crypto trading as Dogecoin soars 300 percent", "Silver futures jump 7% as Reddit traders try their squeeze play with the metal", "Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy", "Silver hits eight-year high, but who's behind the buying? [63] On January 29, it was reported that Robinhood had raised an additional $1 billion to protect the company from the financial pressure placed by the increased interest in particular stocks and meet the collateral requirements of clearing houses. [47], According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher. being halted at least once as the price fell by double-digit percentages. [57][249][250][60] In November, a U.S. District Court dismissed a class action lawsuit ruling that investors failed to show collusion. In premarket trading, the price reached levels above $500, from around $17. [219], On January 28, New York State Comptroller Thomas DiNapoli told reporters that the state pension fund, which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze. Gme Short Squeeze Timeline. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. GameStop dropped 44% on Thursday, falling for the first time in six days as Robinhood and Interactive Brokers limited trading in several of the heavily shorted names to closing positions only,. [39] However, users quickly formed similar servers on the application,[39] and Discord reversed its decision the next day, attempting to help the community moderate its server instead. Dude everyone thinks I'm crazy, and I think everyone else is crazy. [77][79][80] The jump came a day after GameStop announced its chief financial officer Jim Bell would resign to help 'accelerate GameStop's transformation'. [179][180], On September 27, 2021, Citadel released a statement through Twitter rejecting "Internet conspiracies and Twitter mobs" that alleged the firm pushed Robinhood to limit trading in GameStop. CNN reported that the drop was partly due to restrictions imposed by Robinhood and other brokers on the number of shares that could be purchased at once by their clients. Do you agree? But it's more complicated than that", "GameStop Soars After Co-Founder of Chewy Acquires a Stake", "GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros", "Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a DayAnd Brag About It", "GameStop 2019 Holiday sales down 27.5% YoY, comparable sales down 24.7%, stock down 6% after hours", "Keith Gill Drove the GameStop Reddit Mania. Canada - English. In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. [21] r/wallstreetbets was the fastest-growing subreddit at the time the community surged by more than 1.5 million users overnight (to a total of 6 million members) on January 29. In a short squeeze, if users are able to drive the price of a stock high enough, they can force hedge funds to liquidate their short position, driving the price even higher. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. Please select the country you are shopping from. ", "This is beyond absurd. [258], The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering. Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender and profit off the difference. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . [71] The short squeezed securities' prices continued to decline during the week. At various points during his initial testimony and questioning, Gill made references to memes. [43][44] According to Bloomberg, U.S. trading volumes (by share count) on January 27 exceeded the peak set in October 2008 during the financial crisis, and was the third-highest in dollar terms within the last 13 years on record. [31][32] However, it is unclear the extent to which the suspected bot accounts influenced trading. [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. [113][111], While the short squeeze was initially reported as being driven by retail investors, it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze. [220], In a CNBC interview, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street, saying that "it's a chance for Joe and Jane Americathe retail buyers of stockto flex back and push back on these hedge funds. This is what a rigged system looks like, folks! [23] ", "Nokia's stock soars toward a record gain on record volume, for no apparent reason", "Brokerage Firm Siebert Soars as Reddit Feed Targets Another Short Squeeze", "Reddit's GameStop gang pushes Tootsie Roll to record", "Caught in the GameStop frenzy, a different GME stock goes on a wild ride", "GameStop Mania Spreads Half a World Away to Target Glove Makers", "GameStop mania spreads as far as Malaysian glove makers", "Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%", "Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally", "Rocket Stock Is the New Meme Trade. [120] The Church of Jesus Christ of Latter-day Saints, through its investment manager Ensign Peak Advisors, bought 46,000 shares of GameStop in 2020, and saw the value of its investment jump 900 percent. #RobinHood #WallStreet My full statement below:", "SEC reviewing recent trading volatility amid GameStop frenzy, vows to protect 'retail investors', "SEC vows to punish 'abusive activity' amid GameStop, Robinhood drama", "SEC Says It's Examining Market Mania for Potential Misconduct", "Robinhood to resume trading on GameStop, AMC stock amid volatility", "Robinhood Users Suing Over Trade Limits Face High Legal Bar", "The Texas attorney general will investigate brokers' decisions to limit GameStop trades", "Democrats in Congress will hold at least 2 hearings about Wall Street's practices following the GameStop short-squeeze", "Game Stopped? To the Moon was also announced Hypertext ), Blue Sky ( Hypertext ), Blue Sky x27 s. 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