Short-selling video game retailer GameStop's stock has cost investors and hedge funds $5 billion in losses (once you apply some fancy financial calculations) in 2021. On Tuesday alone, losses totaled $867 million as the share value soared 95% higher compared to Monday. The incredible price rise can be largely attributed to retail traders, Reddit's r/WallStreetBets community, and an Elon Musk tweet.
source https://www.newsbytesapp.com/news/business/gamestop-short-sellers-lose-5-billion-to-reddit-day-traders/story
source https://www.newsbytesapp.com/news/business/gamestop-short-sellers-lose-5-billion-to-reddit-day-traders/story
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