After discovering that several hedge funds had bet on the video game retailer losing value, people banded together on the Reddit forum WallStreetBets to drive up its share price by 1,500%. Over the course of January, GameStop’s stock price ballooned to a high of $483 from a low of $17.
Every jump in the price of GameStop brings in more short-sellers enticed by ever-growing potential profits and more buyers looking to stick a thumb in the eye of Wall Street, causing the cycle to continue.
The stock market is known for being unpredictable and volatile, and any sense of normalcy was blown up during the recent GameStop rally. How will the GameStop mania end? If it is like the original tulip bubble, it could lead to a short-term crisis of trust in financial markets.
Steve Cominski, host of the Baked & Awake podcast
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
Episode 646 of The Talking Hedge:
Your cannabis business podcast covering cannabis products, business news, investments & events.
Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats
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