28 Jan 2021

Have Reddit users won the battle with Wall Street over GameStop?

Washington Correspondent

If you’re baffled by terms like “short squeeze” and “pump and dump” –  then think of this as a massive stock market gambling frenzy, pitting amateur traders against Wall Street professionals.

Users of the social media site Reddit managed to push up the price of a loss making video games retailer called GameStop.

It’s left hedge fund borrowers, who had essentially been betting against the firm’s success, facing billions of dollars in losses.