Amateur investors, in a battle with hedge funds, bid up shares in a number of companies, including GameStop, which gained 400 percent for the week.
It was like a hurricane. Amateur investors, targeting stocks that the pros had written off as dead, bid up shares in a growing number of companies. By week’s end, GameStop had gained 400 percent, while AMC Entertainment surged 280 percent. At the center of it all was a battle of big versus small, Wall Street versus Main Street, the Robinhood army versus the hedge funds.
The drama had caught the attention of the Securities and Exchange Commission, Alexandria Ocasio-Cortez and Ted Cruz and elected attorneys general in Texas and New York. It was bigger than the markets.
Catch up with our coverage here:
The Silicon Valley Start-Up That Caused Wall Street Chaos: Robinhood pitched itself to investors as the antithesis of Wall Street. It didn’t say that it also entirely relies on Wall Street. This past week, the two realities collided.
The Misfits Shaking Wall Street: They are young, they are fearless and they are forcing everyone to pay attention.
The GameStop Reckoning Was a Long Time Coming: This past week, gleeful online hordes turned the stock market upside down. This shouldn’t come as a surprise.
‘Dumb Money’ Is on GameStop, and It’s Beating Wall Street at Its Own Game: GameStop shares have soared as millions of small investors, egged on by social media, employed a classic Wall Street tactic to put the squeeze — on Wall Street.
How a Reddit User Called ‘Roaring Kitty’ and His Friends Roiled the Markets: A Massachusetts man who goes by “Roaring Kitty” on social media helped fuel the frenzy around GameStop. His $53,000 investment in the company briefly reached $48 million in value.
Elon Musk Becomes Unlikely Anti-Establishment Hero in GameStop Saga: The billionaire has inserted himself into the confounding stock market drama and solidified his role as the ultimate insider outsider.
Trading Curbs Reverse GameStop Rally, Angering Upstart Traders: Small investors accused one trading platform of being “dishonest” and “pandering to the elite” as new restrictions on some stock trades spurred a calmer day in the markets.
Robinhood, in Need of Cash, Raises $1 Billion From Its Investors: The no-fee trading app, which is popular with young investors, has been strained by the high volume of trading in stocks like GameStop.
Get Smarter: What You Need to Know
How to Keep Your Cool in the GameStop Market: Signs of irrational exuberance abound. Stay sober and invest for the long run, our columnist says.
So You Just Made a Lot of Money on GameStop. Don’t Forget About Taxes: Some investors may have notched tens of thousands of dollars in profits. Depending on when they sell the stock, they may owe hefty capital gains taxes.
Behind the Stock Market’s Wild Ride: It wasn’t just GameStop. Shares in AMC Entertainment, American Airlines, Nokia and, yes, Tootsie Roll Industries soared, and briefly fell, this past week.
4 Things to Know About the GameStop Insanity: It has been a weird time in the stock market, where a video game retailer has suddenly become the center of attention.
How Options Trading Could Be Fueling a Stock Market Bubble: A swell of individual investors are betting that stocks will go up. That enthusiasm is having a growing influence over the regular stock market itself.
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January 31, 2021 at 02:34AM
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Everything You Need to Know About the GameStop Frenzy - The New York Times
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