Someone noticed that the big players, in their greed, had sold short 140% of all the GameSpot shares in existence, in hopes of crashing the share price and making them money. This means that if the stock started to go up, there was NFW that the big players could buy enough shares to cover their shorts. As long as the redditors keep buying or even just holding, then the big players have to keep competing amongst each other to buy shares before they go even higher. From a low of $2.50/share prices went up yesterday to over $400, making the redditors a lot of money (on paper) and costing the big players a lot of money (in reality and on paper).
Hopefully the redditors have each sold enough high-priced shares to cover their original investment. At some point the whole thing will explode and the share price will once again reflect the actual value of the company, a few dollars per share.
Elon Musk loves this because the big players have tried to do the same thing to Tesla stock, and failed, losing billions of dollars.
I actually decided to buy a few shares yesterday just to say I was part of history. This morning when RobinHood shut off buying to the retail crowd and the price dropped like a rock I went into eTrade out of spite and bought a few more. I’m selling half when it hits $500 just to cover my investment but my brother and I are both going to hold the rest out of sheer spite.
Supposedly the owner of Robin Hood is somehow connected to the main shorting Hedge Fund. There are already lawsuits against Robin Hood which was supposed to go public in the next few months.... instead all of the investment they did - including new cross-atlantic cables is going to go up in flames - the autists across the board have already decided that RH will pay for cutting people off. They are hemorrhaging accounts across the board. Same with Ameritrade and Schwab which took similar but not as drastic actions.