GameStop: How Reddit users made billions of dollars at the expense of US hedge funds | ITV News

Social media users on Reddit have clubbed together to make billions of dollars at the expense of US hedge funds and other big investors.

Thousands of normal traders on the Reddit forum r/WallStreetBets have helped drive up the price of US firm GameStop's stock price in recent days, which has caused a major problem for short sellers betting against the company who were hoping for the stock price to fall.

The video games company had been popular among hedge fund bosses and investors who thought the price of the stock would drop. Amid the pandemic, the closing of shops and the rise of digital sales, Wall Street investors were banking on the price of the shares falling.

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Видео GameStop: How Reddit users made billions of dollars at the expense of US hedge funds | ITV News канала ITV News