A new Netflix documentary recalls one of Reddit's most famous (and lucrative) pranks
The Wall Street Journal
reported that, 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.Unsurprisingly, the finance experts who lost out were incredibly pissed off.
This led some customers to file lawsuits against the brokerages, and demand that inquiries be set up to investigate what happened, as well as online financial regulation in general.reported at the time: “A lot of people are crowing that this is giving large hedge funds and traders a taste of their own medicine. These funds have historically been able to shift the price of a stock for their own benefit, whether that is the “pump and dump”, or by openly and heavily shorting it”.
While we were in the boom and euphoria then, things have definitely pivoted to crash now – with the bottom of the crypto market falling out over the past year, leaving many first-time online players on the market severely out of pocket. Still, out of all of this, one positive is the online traders might have saved GameStop from going bust. As it stands today, their share price is $25.32.
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