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If you follow financial markets, Reddit or video games, you probably know that all three of those things merged this week in a hail of fire and rocket emojis. The simplest possible version of what happened: Several big hedge funds shorted GameStop stock. That is, they bet it would go down. There’s a group on Reddit called WallStreetBets, and they weren’t having it. Many of them decided to buy GameStop, causing its share price to go up — way up. Now, GameStop is up over 1,00% this month. The hedge funds that shorted it are losing billions, and the WallStreetBets community has moved to buying Nokia and AMC stocks, and who knows what’s next. I spoke with Edward Ongweso, who has been following this for Vice.
By Marketplace4.5
12471,247 ratings
If you follow financial markets, Reddit or video games, you probably know that all three of those things merged this week in a hail of fire and rocket emojis. The simplest possible version of what happened: Several big hedge funds shorted GameStop stock. That is, they bet it would go down. There’s a group on Reddit called WallStreetBets, and they weren’t having it. Many of them decided to buy GameStop, causing its share price to go up — way up. Now, GameStop is up over 1,00% this month. The hedge funds that shorted it are losing billions, and the WallStreetBets community has moved to buying Nokia and AMC stocks, and who knows what’s next. I spoke with Edward Ongweso, who has been following this for Vice.

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