GameStop Saga Gives Nightmares To Wall Street Powerhouses As Redditors Game The Market | CRUX

Robinhood, a stock-trading application, is in the thick of the GameShop controversy after it abruptly blocked clients from purchasing shares of some companies whose stock prices had spiked dramatically and shaken up Wall Street.
This came a day after GameStop’s share price increased 135 percent. Some day traders had gotten together on social news aggregation website Reddit and bought shares and options in large numbers. The online day traders hoped to challenge Wall Street’s dominance. The subsequent rally in the struggling video game retailer's stock and others hit hedge funds, which had heavily shorted these shares, hard.
#GameStop #Robinhood #WallStreet

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