A group on Reddit called r/WallStreetBets (2.2 million members) got together and have been buying GameStop because 139% of the stock was shorted (most shorted stock on the market) and they are trying to put some hedge funds who are shorting the stock out of business. Actually amazing to watch - GameStop is now over $135 per share.
Right - they are doing the same with a bunch of others like AMC as well. I get the short squeeze they are playing but long term it’s going to get ugly for whoever ends up holding the stock when it crashes back to earth.
How do they propose to put hedge funds out of business?