gamestop short squeeze timeline

Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 262,000 shares, worth $68 million, over the last 30 days but most of that. ", "This is beyond absurd. In which case my initial reaction is that it's awesome Reddit users and others are sticking it to hedge funds. [99][100], According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss. Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices: .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}a Prices may be higher during extended-hours trading. [188][189][190] Similarly, a man in Colorado filed a federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which he was essentially forced to sale his equities at a drastically reduced position given the new market condition set by these supposedly neutral brokerage houses, taking significant losses and being incapable of trading in these publicly held equities that he had performed significant due diligence and research on, and relied upon over the course of his job as a day trader. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[229] and called the situation "an uprising". This page was last edited on 17 April 2023, at 01:45. Several Wall Street analysts released research . Market mechanisms include the reality that some people will attempt to game the market mechanisms and some will pay the price. [67], On February 1 and 2, the stock price for GameStop declined substantially, losing more than 80 percent of its value from its intraday peak price, recorded during the previous week. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. A Comparative Analysis of New Users on WallstreetBets During the Gamestop Short-squeeze. [46] On that day, GameStop's total market cap reached $33.7 billion which made it temporarily the highest valued company on the Russell 2000 index. [255] The statement was made as the hashtag #KenGriffinLied was trending on said platform, in which users accused Citadel's CEO Ken Griffin of having lied under oath to Congress. . [20], On January 27, 2021, technology news website Mashable reported that the subreddit had broken pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours. Meanwhile, apes remain confident that the stock can go. Canada - Franais. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . Do you agree? The plan was largely successful, with users utilizing apps like Robinhood to buy up GameStop shares and forcing brokers to buy back the stock. [82], On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering worth up to $1 billion. [63] On January 29, it was reported that Robinhood had raised an additional $1 billion to protect the company from the financial pressure placed by the increased interest in particular stocks and meet the collateral requirements of clearing houses. [266] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022. "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. A short interest ratio ranging between 1 and 4 generally indicates strong positive sentiment about a stock and a lack of short sellers. Dude everyone thinks I'm crazy, and I think everyone else is crazy. [154] Robinhood then began limiting the trading on Dogecoin. [184][185] Several other investors began using the app DoNotPay to automatically join the lawsuit. It will be ugly, and everyone will mock me as usual, but I expect GME to bounce back just as it did after the two previous earnings readouts. [117] Brokerages, trading systems and market makers have also gained from higher-than-average volume of transfers. Jan. 22, 2021: GameStop surges 50% As the tug-of-war between the everyday investors and hedge funds heated up and support grew for GameStop on r/wallstreetbets, the stock skyrocketed more than 50% in the trading session on Jan. 22. Canada - English. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats. Short squeeze is a term used by market participants to refer to a phenomenon where short sellers in a stock who have placed their bets on a stock's fall, rush to hedge their positions or buy the stock in the event of an adverse price movement, in order to cover their losses. [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . But it's more complicated than that", "GameStop Soars After Co-Founder of Chewy Acquires a Stake", "GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros", "Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a DayAnd Brag About It", "GameStop 2019 Holiday sales down 27.5% YoY, comparable sales down 24.7%, stock down 6% after hours", "Keith Gill Drove the GameStop Reddit Mania. [235] More generally, it was recognized that Wall Street was now subject to the same populist vigor (afforded by Internet connectivity) as the entertainment industry, politics, and so on. [179][180][181] Representative Brad Sherman accused Griffin of trying to evade his questions. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. GameStop short squeeze round 2 while the banks and hedge funds go bankrupt sounds about right. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. Main article: GameStop short squeeze On January 22, 2021, users of r/wallstreetbets initiated a short squeeze on GameStop, pushing their stock prices up significantly. [63] On January 30, Robinhood announced it had increased the restrictions from the sale of 13 securities to 50, including companies such as Rolls-Royce Holdings and Starbucks Corporation. I'm not sure there is. [230] Comedian and television host Jon Stewart, after joining Twitter, expressed support for the Reddit traders in his first tweet, stating "they're joining a party Wall Street insiders have been enjoying for years". [22], Suggested factors included anger of some investors towards Wall Street hedge funds for their role in the financial crisis of 2007 and 2008,[23][18][24] or the general democratization of the stock market coupled with the ability of retail traders to communicate instantaneously through social media. [165][166] The regulators were not seen as likely to view the volatility as creating any systemic risks. [164] Yellen convened a meeting of financial regulators, including the heads of the U.S. Securities and Exchange Commission, Federal Reserve, Federal Reserve Bank of New York and the Commodity Futures Trading Commission, to discuss the volatility surrounding the short squeeze. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. and Kerckhoven, S.V. [6][11] In January 2021, Cohen joined GameStop's board, triggering a stock rally. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. [159] Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop. On January 28, some brokerages, particularly app-based brokerage services such as Robinhood, halted the buying of GameStop and other securities, citing the next day their inability to post sufficient collateral at clearing houses to execute their clients' orders. The stocks are all prime candidates for a short squeeze that could stick these . Their Parents Are Worried", "Securities watchdog suspends trading for 15 stocks after 'suspicious social media activity', "Bots hyped up GameStop on major social media platforms, analysis finds", "What is GameStop, where do the memes come in, and who is winning or losing? [222][223][224] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[225] and Chamath Palihapitiya. [57] Clearing houses must have enough collateral on hand to settle a member's outstanding transactions in the event any particular member firm failsto prevent cascading failures of other membersand can demand additional collateral (i.e., margin calls) from members if market volatility starts to increase. [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. "[258][259], During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not. [215] She also called for stronger regulatory action from the U.S. Securities and Exchange Commission "to ensure that markets reflect real value, rather than the highly leveraged bets of wealthy traders or those who seek to inflict financial damage on those traders. In 2008, Porsche gobbled up so much Volkswagen's stock it . [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. [111] Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting unvested employee stock options. [122], Many retail investors and r/wallstreetbets users bought shares of GameStop and other affected securities as they were reaching their peak prices or shortly afterwards. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. It was previously branded as Textalytics. [267], Gains by existing shareholders and third parties, Alleged conflict of interest between Robinhood and Citadel. [186][187], A second class-action was filed in the Northern District of Illinois claiming that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers". [64][65], As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks. [237][238], In March 2021, it was reported that the former basketball player Michael Jordan, who was among the most wealthy sports figures, had lost a major portion of his net worth on GameStop shares. Toilet Paper Analogy. [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. 4,273 Jobs. [173], Attorney General of New York Letitia James confirmed in a press release that her office would look into the matter, saying "We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock". On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering. [15], Another user, Stonksflyingup, posted a humorous video on October 27, 2020, explaining how a short position by Melvin Capital could be used to execute a short squeeze, using a scene from Chernobyl to illustrate how the hedge fund would blow up similarly to a nuclear reactor. Earlier that day the share price had soared to nearly $350 (250) - 100 times more than this time . [9][10] In August 2020, Ryan Cohen (the former CEO of online pet food retailer Chewy) revealed a 9-percent investment in GameStop, leading some to believe that the stock was undervalued. [226] Palihapitiya, who passed on early investment opportunities in Robinhood, opined that the founding co-CEOs, Baiju Bhatt and Vladimir Tenev, lacked integrity and urged his followers to delete the app. [81] On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close. A brief history of short squeezes before GameStop. MeaningCloud extends the concept of semantic API with a cloud-based framework that makes the integration of semantic processing into any system something close to a plug-and-play experience. [243] Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities. [114][115] An analysis by Reuters concluded that some of Wall Street's largest asset managers were able to realize gains both from their share stakes, as well as from lending out stocks to short sellers. [252][253] As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. In January 2021, a short squeeze of the stock of the American video game retailer GameStop (NYSE:GME) and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. ", "Nokia's stock soars toward a record gain on record volume, for no apparent reason", "Brokerage Firm Siebert Soars as Reddit Feed Targets Another Short Squeeze", "Reddit's GameStop gang pushes Tootsie Roll to record", "Caught in the GameStop frenzy, a different GME stock goes on a wild ride", "GameStop Mania Spreads Half a World Away to Target Glove Makers", "GameStop mania spreads as far as Malaysian glove makers", "Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%", "Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally", "Rocket Stock Is the New Meme Trade. Several hedge funds even . As with a typical short squeeze, the short-covering added to the upwards price action. No timelines, all speculative. Keith Gill, known by the Reddit username "DeepFuckingValue" and the YouTube and Twitter alias "Roaring Kitty",[15][16][17] purchased around $53,000 in call options on GameStop's stock in 2019 and saw his position rise to a value of $48 million by January 27, 2021. Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "GameStop frenzy takes cryptocurrency market over $1 trillion", "Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800%", "The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz", "Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio", "Robinhood restricts crypto trading as Dogecoin soars 300 percent", "Silver futures jump 7% as Reddit traders try their squeeze play with the metal", "Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy", "Silver hits eight-year high, but who's behind the buying? [263] Jaime Rogozinski, who founded r/wallstreetbets in 2012, sold off his life experience to RatPac Entertainment,[264] and a documentary based on the event, created by the studios XTR and The Optimist and partially funded by a Kickstarter campaign, is also in the works. [12] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. MeaningCloud is a Software as a Service product that enables users to embed text analytics and semantic processing in any application or system. The typical short squeeze lasts one or perhaps two days, with the major price spikes often happening overnight.. [7], However, in mid-2019, investor Michael Burry's Scion Asset Management acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares. Autoweek. [95][96] For the month of February, Melvin posted a 22-percent gain, but it would need much more to break even from their earlier losses; they were reported to have suffered further losses during the GME's continued resurgence in May 2021. [47], According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher. [88], After GameStop's share price spiked again in May 2021, it was reported that Light Street Capital, run by so-called "tiger cub" Glen Kacher, was down more than 20 percent during 2021. I think small-time investors like that, unsophisticated investors, are going to be hurt by this. [114] The mutual fund Morgan Stanley Institutional Inception saw a 30-percent rise in its value based in part due to the 346,943 GameStop shares it had purchased in September 2020. [219], On January 28, New York State Comptroller Thomas DiNapoli told reporters that the state pension fund, which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze. Top Glove, Hartalega and Supermax respectively recorded increases in shares as high as 15 percent, 10 percent and 9.2 percent during intraday trading on January 29, before closing with respective increases of 8.5 percent, 5.4 percent and 3.7 percent. https://www.reddit.com/r/wallstreetbets/, After GameStop's stock closed up 92.7 percent on January 26, business magnate Elon Musk tweeted "Gamestonk!! "[218] In another CNBC interview joined by Canadian businessman and Shark Tank investor Kevin O'Leary, O'Leary disputed Galvin's assertions, saying that real-world education was positive; that the risk of being targeted by "social media vigilantes" would dissuade hedge funds from aggressively selling short stocks; and zero-commission brokerage apps such as Robinhood had sparked a growing interest in retail investing. Yea there's deep value, then there's deep fucking value. [179][180] Committee members also discussed increasing short-selling regulation. [78], On March 8, the stock saw continued rising of 41 percent to $194.50, and with around 25 percent of the stocks being shorted at this time. [228], Several celebrities and influencers also criticized Robinhood. [169] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. @FSCDems need to have a hearing on Robinhood's market manipulation. [30], Later analysis by a cyber security company of social media posts suggested that thousands of automated bots may have hyped GameStop stock, Dogecoin, and other stocks, on social media. [7][8] Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years. Gme Short Squeeze Timeline. A Reddit-fueled day-trading craze last month pushed shares of GameStop Corp., the videogame retailer, as high as $483, but the hype has fizzed.. Learn More on GameStop's short interest ratio. [97][98] Melvin ultimately shut down on May 18, 2022. [177][178] On February 18, 2021, the committee, chaired by Representative Maxine Waters, held a remote hearing titled Game Stopped? He Talked to the Journal", "The 'Roaring Kitty' Rally: How a Reddit User and His Friends Roiled the Markets", "Famed GameStop bull 'Roaring Kitty' is a Massachusetts financial advisor", "How WallStreetBets Redditors Used Their Collective Power to Manipulate the Stock Market", "Meme Stock War Stories: From GameStop Diamond Hands to Robinhood's Reversal", "Melvin Capital, GameStop and the road to disaster", "Reddit's r/WallStreetBets breaks all-time traffic record as hedge fund bleeds", "Reddit group WallStreetBets hits 6 million users overnight after a wild week of trading antics", "Counter-Hegemonic Finance: The Gamestop Short Squeeze", "How WallStreetBets Pushed GameStop Shares to the Moon", "The Real Force Driving the GameStop Revolution", "GameStop stock halts trading after Reddit drama", "GameStop's stock rockets again in volatile trading, while company has not released news or commented", "Teens Are Gambling Their Savings on GameStop Stock. Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. [49] Other brokerages soon followed suit. ", "What We Talk About When We Talk About Stonks", "GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock", "Elon Musk tweet fuels frenzied GameStop surge", "GameStop Corp. (GME: NYSE) Stock Price & News", "Wall Street rises despite weak GDP data; GameStop frenzy continues as it happened", "Discord bans the r/WallStreetBets server, but new ones have sprung to life", "Discord is no longer banning r/WallStreetBets it's helping them", "Reddit's GameStop traders turn their attention to AMC stock", "AMC Networks' stock might have gotten a boost thanks to confused Reddit users", "Disruptions reported at multiple brokerages as GameStop, AMC surge", "Trading platforms are limiting trades of GameStop and other companies", "US stock trading volumes soar past 2008 peak in Reddit battle", "SEC Data Show $359 Million of GameStop Shares Failed to Deliver", "Q&A: A basic guide to the GameStop squeeze", "Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies", "Robinhood restricts trading of companies targeted by Reddit users", "Brokers block Reddit traders from buying GameStop amid market frenzy", "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform", "Update: GME, AMC, and KOSS are no longer restricted", "GameStop Trading Restrictions Blamed on Wall Street's Clearing Firm by Online Broker", "Robinhood denies claims that it sold GameStop shares out from under its traders", "Robinhood raises $1bn from investors and taps banks at end of wild week", "Robinhood Raises $1 Billion to Meet Surging Cash Demands", "Robinhood Fallout Sweeps Market After $1 Billion Lifeline", "Robinhood restricts trading in GameStop, other names involved in frenzy", "Robinhood's GameStop Debacle Spurs Calls to Modernize Stock Clearing", "Why Robinhood and Other Brokerages Restricted Trading This Week", "Robinhood tightens GameStop trading curbs again as SEC weighs in", "Robinhood, in Need of Cash, Raises $1 Billion From Its Investors", "Robinhood gets $1 billion infusion, signaling cash crunch", "Robinhood expands trading restrictions to 50 stocks", "Robinhood Narrows Trading Restrictions to Eight Companies", "GameStop shares plunge as Reddit rally deflates", "GameStop Rout Erases $27 Billion as Reddit Favorites Lose Steam", "Plunging GameStop Stock Tests the Will of Investors to Stick With the Ride", "GameStop stock is plummeting but the Reddit rebellion is just beginning", "A Week Inside the WallStreetBets Forum That Launched the GameStop Frenzy", "Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance", "The Hopes That Rose and Fell With GameStop", "GameStop shares double in final 90 minutes of trading day", "GameStop Shares Soar in Last Hour of Trading", "GameStop's Reddit-Driven Roller-Coaster Rages On as Volume Soars", "GameStop stock surges to highest point since January, market cap tops $17 billion", "GameStop tumbles 34% as Reddit darling mulls share sale", "GameStop shares fall after it announces plan to sell up to $1bn in stock", "Short interest in GameStop declined to 15% vs 141% at peak S3", "GameStop surges more than 50%, leading meme stocks higher", "GameStop's 53% surge fueled by a buy/sell ratio of 3-to-1, as 'meme' stock crowd emboldened", "Wall Street's Most Reviled Investors Worry About Their Fate", "Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets", "White House 'monitoring' GameStop share surge as US hedge fund pulls out", "Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management", "GameStop Stock Soars, and Social-Media Traders Claim Victory", "Citadel, Point72 Back Melvin With $2.75 Billion After Losses", "Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position", "GameStop skeptics Citron, Melvin succumb to epic short squeeze", "Wall Street gears up for second bout against Reddit traders", "Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain", "US hedge funds Melvin Capital and Light Street suffer further losses", "Plotkin Shuts Melvin Hedge Fund Left Reeling by Redditor Attack", "Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down", "An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms", "Citron halts 20 years of short-sell analysis after GameStop woes", "Dan Sundheim's $20 Billion D1 Capital Loses About 20% This Month", "Sundheim's D1 Shakes Off Its $4 Billion Reddit-Fueled Fiasco", "GameStop Short-Sellers Reload Bets After $6 Billion Loss", "Hedge funds retreat in face of day-trader onslaught", "GameStop Short Interest Plunges in Sign Traders Are Covering", "Hedge fund that bet against GameStop shuts down", "London-based hedge fund that bet against GameStop shuts down -FT", "Corporate executives reap millions from Reddit stock frenzy", "GameStop Insiders Sold Stock Before It Went Vertical", "GameStop CEO's shares are worth nearly $1 billionand, boy, does he probably want to sell", "This Hedge Fund Made $700 Million on GameStop", "How the rich got richer: Reddit trading frenzy benefited Wall Street elite", "Analysis: How Wall Street gains from 'populist' trading movement", "Was GameStop really a case of the little guys beating Wall Street? 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Systems and market makers have also gained from higher-than-average volume of transfers Gamestonk! else is crazy then. `` an immediate investigation into Citadel, L.L.C are then forced to buy back gamestop short squeeze timeline stock can go soared. Volkswagen & # x27 ; s stock it like that, unsophisticated investors, are going be... That Swartwout then stated, `` I have to say I am beyond disappointed how... ] in January 2021, Cohen joined GameStop 's stock closed up 92.7 percent January.

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