The hedge funds tried to do a ‘short ladder attack’ on GameStop in the last hours of trading, buying and selling shares between themselves at artifically low prices in order to drive down the posted price. It was an attempt to spook the retail investors into a selling stampede.
The short ladder attack drove the share price down to $240 just before the final hour of trading, but then WallStreetBets yelled “It’s a trick! Hold! Don’t sell!” It worked and GameStop closed the week at $320.
Thanks for the added insight... sure looks like that’s what happened.