Social:GameStop short squeeze

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Short description: 2021 financial markets event

In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over United States dollar 500 per share ($125 split-adjusted), nearly 30 times the $17.25 valuation at the beginning of the month. The price of many other heavily shorted securities and cryptocurrencies also increased.

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. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. Dozens of class action lawsuits have been filed against Robinhood in U.S. courts, and the U.S. House Committee on Financial Services held a congressional hearing on the incident.

The unusually high price and volatility continued after the peak in late January. On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged in the neighborhood of $200 per share for another month. 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. On March 25, the stock recovered dramatically, rising by 53 percent.

Background

Short selling and short squeezes

Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, believing (hoping) that the stock is overvalued at that time and that they will be able to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender, and profit off the difference. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise should the short-seller be proven wrong in their belief that the stock price was going to fall. This is in contrast with taking a long position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment.[1][2]

Short sellers are exposed to a risk of short squeezing, which occurs when the shorted stock jumps in value because, for instance, there is a sudden piece of favorable news. Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. The market demand they create by purchasing the stock to cover their short positions further raises the price of the shorted stock, thus triggering more short sellers to cover their positions by buying the stock. This can result in a cascade of stock purchases and an even bigger jump of the share price.[3][4][5]

GameStop

A GameStop store in 2014

GameStop, an American chain of brick-and-mortar video game stores, had struggled in the years leading up to the short squeeze due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person. As a result, GameStop's stock price declined, leading many institutional investors to believe it would continue falling, thus short-selling the stock. On January 22, 2021, approximately 140 percent of GameStop's public float[lower-alpha 1] had been sold short, meaning some shorted shares had been re-lent and shorted again.[6][7] Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public float had only occurred 15 times in the prior 10 years.[6]

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.[8][9] 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.[5][10] In January 2021, Cohen joined GameStop's board, triggering a stock rally.[11]

Online discussion

The subreddit r/wallstreetbets is an online community on Reddit, a social news website. The community is known for discussion about meme stocks and high-risk stock transactions.[12] Observers congregating around r/wallstreetbets believed the company was being significantly undervalued, and with such a large amount of the stock being short they could trigger a short squeeze, by driving up the price to the point where short sellers had to capitulate and cover their positions at large losses.[5]

Dude everyone thinks I'm crazy, and I think everyone else is crazy. I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see.

I'll post the update tomorrow as I always do after data readouts. 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.

...

Yea there's deep value, then there's deep fucking value.

Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[13]

Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). Keith Gill, known by the Reddit username "DeepFuckingValue" and the YouTube and Twitter alias "Roaring Kitty",[14][15][16] 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.[16][17][18] Gill, a 34-year-old marketing professional and Chartered Financial Analyst (CFA) from Massachusetts, stated that he began investing in GameStop during the summer of 2019, after believing the stock to be undervalued. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house.[14]

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.[19]

On January 27, 2021, technology news website Mashable reported that the r/wallstreetbets subreddit had received 73 million page views in 24 hours –– breaking all-time traffic records.[20] On January 29, the community surged by 1.5 million users overnight –– to a total of 6 million users –– making it the fastest-growing subreddit at the time.[21] Reddit moderators temporarily closed the subreddit to the public,[22] and Discord moderators temporarily banned the server for "hateful and discriminatory content."[23] Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices:

Selected stocks experiencing sharp price increases (USD)
Security (symbol) Price high[a] Jan 22 % chg. Ref.
AMC Entertainment Holdings, Inc. (AMC) 20.36 3.51 480.1% [24]
AMC Networks Inc. (Template:NASDAQ link) 59.83 49.38 21.2% [25]
American Airlines Group Inc. (Template:NASDAQ link) 21.77 15.82 37.6% [26]
BB Liquidating Inc. (OTC Pink: BLIAQ) 0.30 0.01 3000% [27]
Bed Bath & Beyond Inc. (Template:NASDAQ link) 53.90 30.21 78.4% [28]
BlackBerry Limited (BB) 28.77 14.04 104.9% [29]
Build-A-Bear Workshop, Inc. (BBW) 8.40 4.52 85.8% [30]
Eastman Kodak Company (KODK) 15.15 9.46 60.1% [31]
Express, Inc. (EXPR) 13.97 1.79 680.4% [29]
Fossil Group, Inc. (Template:NASDAQ link) 28.60 9.87 189.8% [32]
Genius Brands International (Template:NASDAQ link) 3.36 1.57 114.0% [31]
iRobot Corporation (Template:NASDAQ link) 197.40 98.94 99.5% [33]
Koss Corporation (Template:NASDAQ link) 127.45 3.34 3,715.9% [34]
Ligand Pharmaceuticals Incorporated (Template:NASDAQ link) 191.59 142.62 34.3% [35]
The Macerich Company (MAC) 25.99 14.58 78.3% [36]
Naked Brand Group (Template:NASDAQ link) 3.40 0.44 672.7% [37]
National Beverage Corp. (Template:NASDAQ link) 196.43 98.44 99.5% [38]
Nokia Oyj (NOK) 9.79 4.20 133.1% [39]
Palantir Technologies Inc. (PLTR) 45.00 32.58 38.1% [31]
Siebert Financial[40] (SIEB) 18.50 3.70 400.0% [41]
Tootsie Roll Industries, Inc. (TR) 58.98 30.14 95.7% [42]
Virgin Galactic Holdings, Inc. (SPCE) 59.43 34.28 73.4% [33]

a Prices may be higher during extended-hours trading.

The shares of GME Resources, an Australian mining company with Australian Securities Exchange (ASX) symbol GME, increased more than 50 percent during intraday trading, closing with a 13.3-percent increase on January 28. This was speculated to have been due to a joke or mistake, as the ASX symbol was the same as GameStop's NYSE ticker symbol (GME).[43][44]

Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for Malaysian latex glove makers on Bursa Malaysia as a countermove against the devaluation of the sector by institutional investors following the lifting of a ban on short selling in the country earlier in January 2021. 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. The rally call was reportedly organized from r/bursabets, a Malaysian offshoot of r/wallstreetbets named after the Malaysian stock exchange.[45][46] On March 2, Rocket Mortgage saw a more than 70 percent spike in its stock price due to a surge in trading following discussion of the company on r/wallstreetbets,[47][48] but the Rocket Mortgage stock price reverted to its pre-surge level the next day.[49][50]

Cryptocurrencies

After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent.[51][52][53] Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin".[54] 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.[55] Robinhood then began limiting the trading on Dogecoin.[56]

Metal futures

Following the stock market surge, futures for silver began to rapidly increase as well,[57][58] although later news reports clarified that it was unclear who was behind the rise.[59] On January 28 and 29, the price of silver rose 10 percent.[60] The surge also had an effect on the prices of gold and copper on the London Metal Exchange.[58] On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading[which?] being halted at least once as the price fell by double-digit percentages.[61] 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.[62][63][64][65]

Aftermath

File:Press Briefing by Press Secretary Jen Psaki, 2021-01-27-21 re Gamestop short squeeze.webm

Investigations

On January 27, 2021, White House press secretary Jen Psaki said that Treasury Secretary Janet Yellen and others in the Biden administration were monitoring the situation.[66] 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. Because Yellen had received speaking fees from Citadel before becoming treasury secretary, she sought and received permission from Treasury Department ethics lawyers before convening the meeting.[67][68] The regulators were not seen as likely to view the volatility as creating any systemic risks.[69]

Speaker of the House Nancy Pelosi said that Congress would also be reviewing it.[70] Senator Sherrod Brown announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze.[71] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. and Robinhood".[72]

On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"[73] from "abusive or manipulative trading activity"[74] and "to identify and pursue potential wrongdoing".[75]

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".[76][77]

Texas Attorney General Ken Paxton said he would also investigate the decision of brokerages to limit the buying of securities related to GameStop and other stocks, saying that it "stinks of corruption". His investigation has extended to 13 entities, including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and Citadel Financial.[78][needs update]

Congressional hearing

On January 28, 2021, the House Financial Services Committee announced that it would convene a hearing to discuss online trading platforms.[79][80] On February 18, 2021, the committee, chaired by Representative Maxine Waters, held a remote hearing titled Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.[81] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabe Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev.[81][82] Representatives focused their attention on Robinhood's role in the event, asking Tenev why the brokerage had limited the trading of some securities and if it had clearly communicated its business model to its customers. They also questioned whether Robinhood was encouraging its customers to take excessive risks in order to generate a profit and whether it had the appropriate infrastructure and funding to handle influxes of new clients. Several committee members expressed skepticism at the practice of payment for order flow and pressed Griffin and Tenev on the issue.[81][82][83] Representative Brad Sherman accused Griffin of trying to evade his questions. At various points during his initial testimony and questioning, Gill made references to memes.[81][82] Committee members also discussed increasing short-selling regulation.[83]

On March 17, 2021, the Financial Services Committee held a second hearing, which focused on the regulation of payment for order flow[84] and gamification of investing.[85]

Lawsuits

A Robinhood customer filed a class-action lawsuit against the company on January 28, 2021, for halting trading on GameStop.[86][87] The lawsuit, which was filed in the United States District Court for the Southern District of New York, claimed that Robinhood "purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market"; the lawsuit also accused Robinhood of "manipulating the open-market".[86][87] Several other investors began using the app DoNotPay to automatically join the lawsuit.[88][89]

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".[90][91][92] 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."[93] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits.[94][95] In January 2022, a federal court ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities.[96]

A lawsuit was filed in a court in Massachusetts by securities class action firm Hagens Berman Sobol Shapiro on behalf of an investor against Keith Gill. The suit alleges Gill misrepresented himself as an amateur investor to inflate the stock price.[97]

Regulation

On February 8, 2021, the U.S. Securities and Exchange Commission released a sample letter providing guidance to companies seeking to raise capital during periods of "extreme price volatility". It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings.[98][99][100]

In reaction to the short squeeze, some Democratic politicians have expressed support for a financial transactions tax, arguing that it would raise revenue and curb speculative betting.[101][102][103]

In June 2022, a 140-page report[104] released by the United States House Committee on Financial Services called for the Securities and Exchange Commission and the Financial Industry Regulatory Authority to craft new rules to address market risks highlighted by the events of January 2021, including a liquidity rule and framework governing liquidity planning for clearing brokers.[105]

Reactions

Political figures

Alexandria Ocasio-Cortez Official Portrait.jpg
 Alexandria Ocasio-Cortez Twitter
@AOC

This is unacceptable. We now need to know more about @RobinhoodApp's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Cmte, I'd support a hearing if necessary.

January 28, 2021[106]

A variety of politicians and commentators across the political spectrum made statements in support of those driving up the price of GameStop and other stocks, as well as against Robinhood and other companies' decision to limit these trades, including Representative Alexandria Ocasio-Cortez,[107] Senator Ted Cruz,[108] Representatives Ro Khanna,[109] Ted Lieu,[110] and Rashida Tlaib,[111] Fox Business host Charles Payne,[112] and conservative political commentators Rush Limbaugh,[113] Ben Shapiro,[114] and Donald Trump Jr.[115][116]

January 29 letter from Senator Elizabeth Warren to U.S. Securities and Exchange Commission Acting Chair Allison Lee regarding the GameStop short squeeze

Senator Elizabeth Warren criticized both the short sellers and the buyers, and argued that more regulation was needed. She stated that the large investors and hedge funds who were criticizing the rally "have treated the stock market like their own personal casino while everyone else pays the price".[117] 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."[118][119]

In an interview with CNBC, Massachusetts Secretary of the Commonwealth William F. Galvin criticized the investors' behavior as based on reckless speculation and called for a 30-day suspension of trading GME stock, stating "I think we've all recognized the current pandemic has created a unique situation where many have gotten into day-trading and really have no idea exactly what they're doing ... I think small-time investors like that, unsophisticated investors, are going to be hurt by this."[120] 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.[121]

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.[122]

Public figures

In a CNBC interview, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street, saying that "it's a chance for Joe and Jane America—the retail buyers of stock—to flex back and push back on these hedge funds."[123] Numerous journalists have also drawn comparison to the Occupy movement.[124][125][126] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[127] and Chamath Palihapitiya.[128] 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.[128] OpenAI CEO Sam Altman suggested the company change its name.[129] SpaceX and Tesla CEO Elon Musk also criticized the general practice of stock shorting, calling it a "scam legal only for vestigial reasons"[130] A number of major hedge funds had previously shorted Tesla, incurring losses of more than $40 billion as the stock rose considerably.[130]

Several celebrities and influencers also criticized Robinhood. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[131] and called the situation "an uprising".[132] 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".[133] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? Is that you?"; the tweet was later deleted,[134] Kimmel later called the Redditors "Russian disruptors" on his show.[135] YouTuber Philip DeFranco announced he would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking spot on my show again regardless of the offer."[136] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading".[137] 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.[138][additional citation(s) needed]

However, investor Michael Burry, who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous".[8] In a CNBC interview, billionaire investor and hedge fund manager Leon Cooperman angrily criticized the Reddit users' market behavior, calling it a result of the federal response to the pandemic and stating that it would "end in tears" for the retail investors.[139][140]

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. His net worth, as reported by Forbes , had declined by $500 million from its peak of $2.1 billion in 2019. Other co-owners of the Charlotte Hornets with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result.[141]

Retaliation and protests

Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the trading of GameStop securities, pushing its ratings down to one star.[142] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic".[143] However, after another round of negative reviews on the app dropping it to a 1.1-star rating, Google confirmed that the new reviews do not violate Google policies and will not be removed.[144] 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.[145] 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.[146]

The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was being targeted online, including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language".[147][148][149] Several financial executives hired additional security due to online threats. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats.[150][151] Steve Cohen deleted his Twitter account after threats to his family.[151]

Alleged conflict of interest between Robinhood and Citadel

Citadel's Chicago headquarters. Users on Reddit alleged a conflict of interest between the company and Robinhood.

Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with Citadel Securities.[152][153][154] Bloomberg News had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities, in a practice known as payment for order flow.[155] The Washington Post reported that Robinhood routed more than half of its customer orders to Citadel, which was its largest market making partner by volume.[153] Citadel Securities is the sister company to Citadel LLC, which along with Point72 Asset Management invested $2.75 billion into Melvin Capital.[156][157] As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. 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.[152][153][154][158] In November, a U.S. District Court dismissed a class action lawsuit ruling that investors failed to show collusion.[159]

During the February 18 hearing held by the House Financial Services Committee, Citadel CEO Kenneth Griffin and Robinhood CEO Vlad Tenev faced questioning regarding their relationship and denied that the limits imposed on the trading of GameStop shares had been requested by Citadel.[81][82]

Internal communications revealed

On September 27, 2021, Citadel released a statement through Twitter rejecting "Internet conspiracies and Twitter mobs" that alleged the firm pushed Robinhood to limit trading in GameStop.[160] 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.[161][162] Internal Robinhood messages stemming from a class-action lawsuit, showed Robinhood executives "scrambled to talk to Citadel CEO Ken Griffin", on January 27, 2021, the day trading of GameStop and related stocks was temporally halted, according to VICE.[163]

The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." Robinhood President and COO Jim Swartwoth said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." The lawsuit alleges that a call was set up between Robinhood CEO Vlad Tenev, and a redacted person at Citadel Securities. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. It's difficult to have a partnership when these kind of things go down this way."[163][164]

During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not."[165]

Aftermath

Media adaptations

In February 2021, Deadline Hollywood reported on Netflix's plans to develop a movie based on the events, with Mark Boal in negotiations to write and Noah Centineo set to star in the film.[166] Separately, Metro-Goldwyn-Mayer (MGM) acquired the rights to make its own movie based on Ben Mezrich's book proposal The Antisocial Network, aimed at chronicling the recent events on Wall Street. This would become the movie Dumb Money, which was released on September 22, 2023.[167][168] A limited-run series based on the events titled To the Moon was also announced.[169] Jaime Rogozinski, who founded r/wallstreetbets in 2012, sold off his life experience to RatPac Entertainment,[170] 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.[171] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022.[172] The documentary GameStop: Rise of the Players interviewed several of the r/wallstreetbets users and was released on January 28, 2022.[173]

Speculation on a second short squeeze ("MOASS")

As the stock price recovered after the short squeeze, several retail investors on Reddit (many of which still held GameStop stock) began speculating if a second, even bigger, short squeeze could occur through similar methodology.[174] This hypothetical event was eventually dubbed "the mother of all short squeezes" ("MOASS"),[175] and a community sprung up around the theory on various subreddits.[175]

Throughout the months that followed, the MOASS theory continued to evolve and came to allege far-reaching naked short selling and other criminal conduct by major financial institutions, and a belief that short squeezing this will generate stock prices so absurdly high that they could cripple the global economy. The theories primarily focuses on GameStop, but also other meme stocks such as AMC Theatres and Bed Bath & Beyond.[176] Members of this community refer to themselves as "Apes".[175]

The community has been described as a doomsday cult, and their financial beliefs are regarded as conspiracy theories.[174][176]

Further reading

See also

Notes

  1. ↑ Public float: the portion of shares of a corporation that are in the hands of public investors.

References

  1. ↑ van Doorn, Philip. "How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla". MarketWatch. https://www.marketwatch.com/story/how-you-could-lose-everything-by-short-selling-stocks-whether-its-betting-against-gamestop-or-tesla-11611669028. 
  2. ↑ Davies, Rob (January 28, 2021). "GameStop: how Reddit amateurs took aim at Wall Street's short-sellers" (in en). The Guardian. https://www.theguardian.com/business/2021/jan/28/gamestop-how-reddits-amateurs-tripped-wall-streets-short-sellers. 
  3. ↑ Constable, Simon (December 6, 2015). "What Is a Short Squeeze?". The Wall Street Journal. https://www.wsj.com/articles/what-is-a-short-squeeze-1449460381. 
  4. ↑ Powell, Jamie (January 25, 2021). "GameStop can't stop going up". Financial Times. https://www.ft.com/content/7aa60aa1-484f-4747-9136-cd0a560dd2d8. 
  5. ↑ 5.0 5.1 5.2 Stewart, Emily (January 28, 2021). "The GameStop stock frenzy, explained" (in en). https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron/. 
  6. ↑ 6.0 6.1 Ponciano, Jonathan (February 11, 2021). "Meme Stock Saga Officially Over? GameStop Short Interest Plunged 70% Amid $20 Billion Loss". Forbes. https://www.forbes.com/sites/jonathanponciano/2021/02/10/meme-stock-saga-officially-over-gamestop-short-interest-plunged-70-amid-20-billion-loss/?sh=138c22eb2130. 
  7. ↑ Chapaman, Michelle (January 27, 2021). "In battle over GameStop shares, two big players flinch" (in en). https://markets.businessinsider.com/news/stocks/gamestop-stock-short-seller-squeeze-losses-reddit-traders-citron-gme-2021-1-1030000080. 
  8. ↑ 8.0 8.1 Kim, Heejin (January 27, 2021). "Michael Burry Calls GameStop Rally 'Unnatural, Insane'". Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-27/michael-burry-calls-gamestop-gain-unnatural-insane-dangerous. 
  9. ↑ Lynch, David J. (February 2, 2021). "The GameStop stock craze is about a populist uprising against Wall Street. But it's more complicated than that.". The Washington Post. https://www.washingtonpost.com/business/2021/02/01/gamestop-origins/. 
  10. ↑ Turner, Nick; Calderone, Gregory (2020-08-31). "GameStop Soars After Co-Founder of Chewy Acquires a Stake" (in en). Bloomberg.com. https://www.bloomberg.com/news/articles/2020-08-31/gamestop-soars-after-co-founder-of-chewy-acquires-a-stake. 
  11. ↑ Li, Yun (January 27, 2021). "GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros". https://www.cnbc.com/2021/01/27/gamestop-mania-explained-how-the-reddit-retail-trading-crowd-ran-over-wall-street-pros.html. 
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  13. ↑ "GameStop 2019 Holiday sales down 27.5% YoY, comparable sales down 24.7%, stock down 6% after hours". January 14, 2020. https://old.reddit.com/r/wallstreetbets/comments/eoaua4/gamestop_2019_holiday_sales_down_275_yoy/fecbdv2/. 
  14. ↑ 14.0 14.1 Verlaine, Julia-Ambra; Banerji, Gunjan (January 29, 2021). "Keith Gill Drove the GameStop Reddit Mania. He Talked to the Journal.". https://www.wsj.com/articles/keith-gill-drove-the-gamestop-reddit-mania-he-talked-to-the-journal-11611931696. 
  15. ↑ Popper, Nathaniel; Browning, Kellen (January 29, 2021). "The 'Roaring Kitty' Rally: How a Reddit User and His Friends Roiled the Markets". https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html. 
  16. ↑ 16.0 16.1 Prentice, Chris; Schroeder, Pete (January 29, 2021). "Famed GameStop bull 'Roaring Kitty' is a Massachusetts financial advisor". https://www.reuters.com/article/us-retail-trading-roaringkitty-idUSKBN29Y0AF. 
  17. ↑ McDermott, John (January 27, 2021). "How WallStreetBets Redditors Used Their Collective Power to Manipulate the Stock Market" (in en). https://www.esquire.com/news-politics/a35339535/game-stop-stock-short-squeeze-explained/. Kochkodin, Brandon (January 25, 2021). "How WallStreetBets Pushed GameStop Shares to the Moon" (in en). Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon. "NYSE". https://www.nyse.com/quote/XNYS:GME. 
  18. ↑ Esguerra, Harvey (January 28, 2021). "Meme Stock War Stories: From GameStop Diamond Hands to Robinhood's Reversal". https://www.complex.com/life/2021/01/gamestop-meme-stock-short-sellers-robinhood. 
  19. ↑ Mackenzie, Michael; Fletcher, Laurence (February 6, 2021). "Melvin Capital, GameStop and the road to disaster". Financial Times. https://www.ft.com/content/3f6b47f9-70c7-4839-8bb4-6a62f1bd39e0. 
  20. ↑ Morse, Jack (January 27, 2021). "Reddit's r/WallStreetBets breaks all-time traffic record as hedge fund bleeds". https://mashable.com/article/reddit-wallstreetbets-subreddit-record-traffic-gamestop/. 
  21. ↑ Ghosh, Shona (January 29, 2021). "Reddit group WallStreetBets hits 6 million users overnight after a wild week of trading antics". Business Insider. https://www.businessinsider.com/wallstreetbets-fastest-growing-subreddit-hits-58-million-users-2021-1#:~:text=According%20to%20FrontpageMetrics%2C%20an%20unofficial,Thursday%20with%204.4%20million%20members.. 
  22. ↑ Peters, Jay (January 27, 2021). "r/WallStreetBets has been made private'". The Verge. https://www.theverge.com/2021/1/27/22253339/reddit-wallstreetbets-subreddit-private-gamestop. 
  23. ↑ Morse, Jack (January 27, 2021). "Discord bans WallStreetBets server for 'hateful and discriminatory content'". Mashable. https://mashable.com/article/discord-bans-wallstreetbets-subreddit/. 
  24. ↑ Jackson, Jon (January 27, 2021). "How the 'SaveAMC' campaign caused the movie theater company's stocks to soar" (in en). https://www.newsweek.com/saveamc-stocks-surge-1564892. 
  25. ↑ Morrow, Brendan (January 27, 2021). "AMC Networks' stock might have gotten a boost thanks to confused Reddit users" (in en). https://theweek.com/speedreads/963424/amc-networks-stock-might-have-gotten-boost-thanks-confused-reddit-users. Goldstein, Steve. "Disruptions reported at multiple brokerages as GameStop, AMC surge" (in en-US). https://www.marketwatch.com/story/disruptions-reported-at-multiple-brokerages-as-gamestop-amc-surge-2021-01-27. Friedman, Gilliam; Siegel Bernard, Tara (January 27, 2021). "Trading platforms are limiting trades of GameStop and other companies.". The New York Times. https://www.nytimes.com/2021/01/27/business/gamestop-td-ameritrade-robinhood.html. "US stock trading volumes soar past 2008 peak in Reddit battle". Financial Times. January 28, 2021. https://www.ft.com/content/56658052-76fe-4910-8cb7-810039753f7c. 
  26. ↑ Fox, Matthew (January 28, 2021). "American Airlines spikes 31% as Reddit traders direct their attention toward another heavily shorted stock". https://markets.businessinsider.com/news/stocks/american-airlines-stock-price-reddit-traders-spark-short-squeeze-2021-1-1030015525. 
  27. ↑ Owram, Kristine (January 27, 2021). "Bankrupt Blockbuster Joins Reddit-Inspired Retail Rally" (in en). Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-27/bankrupt-blockbuster-remnant-joins-reddit-inspired-retail-rally. 
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  30. ↑ Sozzi, Brian (January 27, 2021). "GameStop mania may have ruined this hot Wall Street trade". https://ca.finance.yahoo.com/news/gamestop-mania-may-have-ruined-this-hot-wall-street-trade-202012829.html. 
  31. ↑ 31.0 31.1 31.2 Tenebruso, Joe (January 27, 2021). "Why Virgin Galactic, Palantir, Kodak, Genius Brands, and Other Heavily Shorted Stocks Soared Today". https://www.fool.com/investing/2021/01/27/why-virgin-galactic-palantir-kodak-genius-brands-a/. 
  32. ↑ Linnane, Ciara; Kilgore, Tomi (January 26, 2021). "It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher". https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693. 
  33. ↑ 33.0 33.1 Schultz, Clark (January 27, 2021). "Virgin Galactic (SPCE) and iRobot (IRBT) among stocks rallying in assault on shorts" (in en). https://seekingalpha.com/news/3654951-virgin-galactic-and-irobot-among-stocks-rallying-in-all-out-assault-on-shorts. 
  34. ↑ Jannene, Jeramey (January 27, 2021). "Koss Stock Up Over 1,000% In Three Days" (in en). https://urbanmilwaukee.com/2021/01/27/koss-stock-up-over-1000-in-three-days/. 
  35. ↑ Ponciano, Jonathan (January 27, 2021). "Not Just GameStop: Here Are The Meme Stocks WallStreetsBets Traders Are Pumping Up During This 'Extremely Erratic' Reddit Rally". https://www.forbes.com/sites/jonathanponciano/2021/01/27/not-just-gamestop-here-are-the-meme-stocks-wallstreetbets-traders-are-pumping-up-during-this-extremely-erratic-reddit-rally/?sh=72daa18f5bb7. 
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  37. ↑ White, William (January 27, 2021). "NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams". https://investorplace.com/2021/01/nakd-stock-naked-brand-shares-rocket-fueling-1-compliance-dreams/. 
  38. ↑ Duprey, Rich (January 27, 2021). "Why Is National Beverage Surging 27% Higher Today?" (in en). https://www.fool.com/investing/2021/01/27/why-is-national-beverage-surging-27-higher-today/. 
  39. ↑ Kilgore, Tomi (January 27, 2021). "Nokia's stock soars toward a record gain on record volume, for no apparent reason" (in en-US). https://www.marketwatch.com/story/nokias-stock-soars-toward-a-record-gain-on-record-volume-for-no-apparent-reason-11611774702. 
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  43. ↑ Powell, Dominic (January 28, 2021). "'Stunned': GameStop trading frenzy causes local mining company shares to soar" (in en). The Sydney Morning Herald. https://www.smh.com.au/business/companies/stunned-gamestop-trading-frenzy-causes-local-mining-company-shares-to-soar-20210128-p56xh4.html. Winck, Ben. "Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies". https://www.msn.com/en-us/money/topstocks/robinhood-clients-say-platform-has-removed-gamestop-and-amc-and-is-only-allowing-holders-to-sell/ar-BB1daWJS. Mills Rodrigo, Chris (January 28, 2021). "Robinhood restricts trading of companies targeted by Reddit users" (in en). https://thehill.com/policy/technology/536272-robinhood-restricts-trading-on-companies-targeted-by-reddit-users/. Brennan, Harry (January 28, 2021). "Brokers block Reddit traders from buying GameStop amid market frenzy" (in en). The Telegraph. https://www.telegraph.co.uk/investing/news/brokers-block-reddit-traders-buying-gamestop-amid-market-frenzy/. 
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  97. ↑ Berthelsen, Christian (February 17, 2021). "'Roaring Kitty' Sued for Securities Fraud Over GameStop Rise". Bloomberg News. https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise. 
  98. ↑ Maurer, Mark (February 8, 2021). "SEC Urges Company Disclosures on Fundraising During Market Frenzy". The Wall Street Journal. https://www.wsj.com/articles/sec-urges-company-disclosures-on-fundraising-during-market-frenzy-11612825077. 
  99. ↑ Ramonas, Andrew (February 8, 2021). "SEC Warns Companies About Stock Price Volatility Disclosures". Bloomberg News. https://news.bloombergtax.com/financial-accounting/sec-warns-companies-about-stock-price-volatility-disclosures. 
  100. ↑ U.S. Securities and Exchange Commission. "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility". https://www.sec.gov/corpfin/sample-letter-securities-offerings-during-extreme-price-volatility. 
  101. ↑ Light, Joe (February 19, 2021). "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy". Bloomberg News. https://www.bloomberg.com/news/articles/2021-02-19/wall-street-transaction-tax-gets-fresh-look-after-gamestop-furor. 
  102. ↑ Egan, Matt (February 23, 2021). "After the GameStop fiasco, momentum builds for an $800 billion tax". CNN. https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html. 
  103. ↑ Osipovitch, Alexander. "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax". The Wall Street Journal (March 7, 2021). https://www.wsj.com/articles/gamestop-frenzy-emboldens-supporters-of-stock-trading-tax-11615132800. 
  104. ↑ United States House Cmte. On Financial Services (2022-06-22). Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform (Report). https://financialservices.house.gov/uploadedfiles/6.22_hfsc_gs.report_hmsmeetbp.irm.nlrf.pdf. Retrieved 2022-10-10. 
  105. ↑ Johnson, Katanga; Mccrank, John (24 June 2022). "U.S. congressional panel calls for crackdown after 'meme-stock' saga". Reuters. https://www.reuters.com/legal/transactional/us-congressional-panel-calls-new-trading-rules-after-meme-stock-saga-2022-06-24/. 
  106. ↑ Bernard, Tara Siegel; Friedman, Gillian (January 28, 2021). "Robinhood Says it Will Reallow GameStop Trades". The New York Times. https://www.nytimes.com/2021/01/28/business/robinhood-gamestop-restrictions.html. 
  107. ↑ @AOC. "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino". https://twitter.com/AOC/status/1354536220110577664.  Missing or empty |date= (help)
  108. ↑ @tedcruz. "Fully agree. 👇". https://twitter.com/tedcruz/status/1354833603943931905.  Missing or empty |date= (help)
  109. ↑ Zeballos-Roig, Joseph. "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge". https://www.businessinsider.com/ro-khanna-slams-robinhood-trading-restriction-reddit-traders-amc-gamestop-2021-1. 
  110. ↑ @tedlieu. "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? I'm not sure there is. In which case my initial reaction is that it's awesome Reddit users and others are sticking it to hedge funds. Do you agree?". https://twitter.com/tedlieu/status/1354638061326409728.  Missing or empty |date= (help)
  111. ↑ @RashidaTlaib. "This is beyond absurd. @FSCDems need to have a hearing on Robinhood's market manipulation. They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades.". https://twitter.com/RashidaTlaib/status/1354807292667981828.  Missing or empty |date= (help)
  112. ↑ Barkoukis, Leah (January 28, 2021). "Why Wall Street Is 'Losing Its Mind' Right Now" (in en). https://townhall.com/tipsheet/leahbarkoukis/2021/01/28/why-wall-street-is-losing-its-mind-n2583843. 
  113. ↑ Flood, Brian (January 28, 2021). "Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting". https://www.foxnews.com/media/rush-limbaugh-gamestop-story-mirrors-politics-elites-attempt-regular-people-benefiting. 
  114. ↑ @benshapiro. "Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms – and some will pay the price. Restricting who can buy and sell is using a hammer on free markets.". https://twitter.com/benshapiro/status/1354795139500302338.  Missing or empty |date= (help)
  115. ↑ @DonaldJTrumpJr. "It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. This is what a rigged system looks like, folks! #RobinHood #RedditArmy #GME #GMEtothemoon". https://twitter.com/DonaldJTrumpJr/status/1354793103090212865.  Missing or empty |date= (help)
  116. ↑ Christen Jones, Zoe; Carissimo, Justin (January 28, 2021). "Robinhood restricts trading of GameStop stock, drawing criticism from lawmakers". https://www.cbsnews.com/news/robinhood-block-trading-of-gamestop-stock/. 
  117. ↑ Panetta, Grace (January 27, 2021). "Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino'". https://www.businessinsider.com/gamestop-warren-aoc-slam-wall-street-market-like-a-casino-2021-1. 
  118. ↑ Lane, Sylvan (January 29, 2021). "Warren calls on SEC to crackdown on market manipulation, explain GameStop rally". https://thehill.com/policy/finance/536517-warren-calls-on-sec-to-crackdown-on-market-manipulation-explain-gamestop-rally. 
  119. ↑ Franck, Thomas (January 28, 2021). "'You've got to have a cop on the beat': Elizabeth Warren slams SEC over GameStop chaos". https://www.cnbc.com/2021/01/28/elizabeth-warren-gamestop-robinhood-market-manipulation.html. 
  120. ↑ Stankiewicz, Kevin (January 27, 2021). "Massachusetts regulator says GameStop speculation is a danger to the whole market, as TD Ameritrade restricts trading" (in en). https://www.cnbc.com/2021/01/27/gamestop-speculation-is-danger-to-whole-market-massachusetts-regulator.html. 
  121. ↑ Stankiewicz, Kevin (January 29, 2021). "Kevin O'Leary cheers GameStop frenzy despite risk as 'real world' lesson for novice investors" (in en). https://www.cnbc.com/2021/01/29/mr-wonderful-kevin-oleary-cheers-gamestop-frenzy-despite-risk-as-real-world-lesson-.html. 
  122. ↑ "DiNapoli: NYS Pension Fund Favored from Increase in Value of GameStop's Stock". January 28, 2021. https://spectrumlocalnews.com/nys/central-ny/capital-tonight/2021/01/29/dinapoli--nys-pension-fund-favored-from-increase-in-value-of-gamestop-s-stock. 
  123. ↑ Passy, Jacob (January 28, 2021). "Reddit co-founder Alexis Ohanian compares GameStop's epic ride to Occupy Wall Street: 'I don't think we go back to a world before this'". https://www.marketwatch.com/story/reddit-co-founder-alexis-ohanian-compares-gamestops-epic-ride-to-occupy-wall-street-i-dont-think-we-go-back-to-a-world-before-this-11611843100. 
  124. ↑ Cheng, Roger. "Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street". CNET. https://www.cnet.com/news/reddits-gamestop-amc-surge-is-the-new-occupy-movement-and-it-terrifies-wall-street/. 
  125. ↑ Wells, Charlie; Egkolfopoulou, Misyrlena (January 28, 2021). "GameStop's Reddit Revolution Echoes Occupy Wall Street Crusade". Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-28/why-are-reddit-wall-street-bets-traders-buying-gamestop-and-fighting-hedge-funds. 
  126. ↑ Evans, Kelly (January 28, 2021). "Kelly Evans: Gino Siniscalchi: Occupy Wall Street 2.0". CNBC. https://www.cnbc.com/2021/01/28/kelly-evans-gino-siniscalchi-occupy-wall-street-2point0.html. 
  127. ↑ @mcuban (January 27, 2021). "I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $". https://twitter.com/mcuban/status/1354613692239925249. 
  128. ↑ 128.0 128.1 Palihapitiya, Chamath [@chamath] (January 28, 2021). "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. Why? Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. #DeleteRobinhood". https://twitter.com/chamath/status/1354947541125611526. 
  129. ↑ Altman, Sam [@sama] (January 28, 2021). "fuck robinhood must change name imo". https://twitter.com/sama/status/1354842339336835074. 
  130. ↑ 130.0 130.1 Graziosi, Graig (January 28, 2021). "Elon Musk lashes out at short sellers during GameStop market war" (in en). The Independent. https://www.independent.co.uk/news/world/americas/elon-musk-short-sellers-gamestop-b1794444.html. 
  131. ↑ Irrera, Anna (January 29, 2021). "Robinhood in eye of GameStop storm". https://www.reuters.com/article/us-retail-trading-robinhood-anger-idUSKBN29X33D. 
  132. ↑ Wang, Amy X. (January 28, 2021). "Ja Rule, a Robinhood User Since 2014, Calls GameStop an 'Uprising'". Rolling Stone. https://www.rollingstone.com/pro/features/ja-rule-robinhood-gamestop-1120432/. Retrieved January 29, 2021. 
  133. ↑ Kallingal, Mallika (January 29, 2021). "Jon Stewart joins Twitter and defends the Redditors". https://www.cnn.com/2021/01/29/us/jon-stewart-twitter-reddit-gamestop-trnd/index.html. 
  134. ↑ Wulfsohn, Joseph A. (February 1, 2021). "Jimmy Kimmel deletes tweet suggesting Jon Stewart sounded like Trump by backing GameStop traders". https://www.foxnews.com/entertainment/jimmy-kimmel-deletes-tweet-jon-stewart-trump-gamestop. 
  135. ↑ Nolan, Emma (February 1, 2021). "Jimmy Kimmel Sparks Anger For Calling Reddit Investors 'Russian Disruptors'". https://www.newsweek.com/jimmy-kimmel-anger-reddit-wall-street-russian-disruptors-1565782. 
  136. ↑ Hodjat, Arya (January 28, 2021). "Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising" (in en). The Daily Beast. https://www.thedailybeast.com/robinhood-hit-with-class-action-after-trying-to-shut-down-wallstreetbets-gamestop-uprising. 
  137. ↑ Blasi, Weston (January 28, 2021). "Mark Cuban, Dave Portnoy, AOC and others react to Robinhood restricting trades on GameStop and AMC". MarketWatch. https://www.marketwatch.com/story/mark-cuban-dave-portnoy-aoc-and-others-react-to-robinhood-restricting-trades-on-gamestop-and-amc-11611855658. 
  138. ↑ Roose, Kevin (January 29, 2021). "Wall Street may never be the same after GameStop saga". The New York Times. https://www.smh.com.au/business/companies/wall-street-may-never-be-the-same-after-gamestop-saga-20210129-p56xq4.html. 
  139. ↑ DePaolo, Joe (January 28, 2021). "'BULLSH*T!' Hedge Fund Billionaire Leon Cooperman Rages at Robinhood Traders Driving Up GameStop Stock: 'They Have No Idea What They're Doing'" (in en). https://www.mediaite.com/news/bullsht-hedge-fund-billionaire-leon-cooperman-rages-over-gamestop-surge-rips-small-investors-for-having-no-idea-what-theyre-doing/. 
  140. ↑ Stankiewicz, Kevin (January 28, 2021). "Leon Cooperman on GameStop Reddit speculators: 'I'm not damning them' but it will 'end in tears'" (in en). https://www.cnbc.com/2021/01/28/leon-cooperman-on-gamestop-reddit-speculators-im-not-damning-them-but-it-will-end-in-tears.html. 
  141. ↑ Shekhar, Amulya (March 24, 2021). "'Michael Jordan is down $500 million': A glance at the Bulls legend's Forbes profile shows a marked decrease in his 2019 net worth of $2.1 billion". https://thesportsrush.com/nba-news-michael-jordan-is-down-500-million-a-glance-at-the-bulls-legends-forbes-profile-shows-a-marked-decrease-in-his-2019-net-worth-of-2-1-billion/?amp. 
  142. ↑ Valinsky, Jordan (January 28, 2021). "Robinhood is getting trashed on Google Play" (in en). https://www.cnn.com/business/live-news/wallstreetbets-reddit-vs-wall-street/h_a55c11ddb0b08c7d9b7ce339a2eebd2f/. 
  143. ↑ Novak, Matt (January 29, 2021). "Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users". https://gizmodo.com/google-deletes-100-000-negative-reviews-of-robinhood-ap-1846156699. 
  144. ↑ Gartenberg, Chaim (February 1, 2021). "Robinhood plummets back down to a one-star rating on Google Play". The Verge. https://www.theverge.com/2021/2/1/22261178/robinhood-google-play-store-app-rating-one-star-reviews-stocks-gamestop-reddit. 
  145. ↑ Manfredi, Lucas (January 28, 2021). "Protesters gather at Robinhood HQ, SEC, NYSE". https://www.foxbusiness.com/markets/protesters-gather-at-robinhood-hq-nyse-in-response-to-restricted-stock-trades. 
  146. ↑ Khorram, Yasmin; Rooney, Kate (February 11, 2021). "Angry customers show up at Robinhood's headquarters in the wake of GameStop trading chaos". https://www.cnbc.com/2021/02/11/angry-customers-show-up-at-robinhoods-headquarters-in-the-wake-of-gamestop-chaos.html. 
  147. ↑ Zuckerman, Gregory; Rogow, Geoffrey (January 27, 2021). "The GameStop Short Squeeze Shows an Ugly Side of the Investing World" (in en-US). The Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/gamestop-stock-short-squeeze-ugly-side-11611750250. 
  148. ↑ Winck, Ben (January 27, 2021). "GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses" (in en-us). https://www.businessinsider.com/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1. 
  149. ↑ Fineman, Josh (January 27, 2021). "Citron Research covered majority of GameStop short position in $90s/share" (in en). https://seekingalpha.com/news/3654791-citron-research-covered-majority-of-gamestop-short-position-in-90sshare. 
  150. ↑ Kelly, Kate (February 8, 2021). "Wall Street's Most Reviled Investors Worry About Their Fate". The New York Times. https://www.nytimes.com/2021/02/08/business/wall-street-short-sellers-game-stop.html?searchResultPosition=7. 
  151. ↑ 151.0 151.1 Parmar, Hema; Melin, Anders (February 5, 2021). "Death Threats and Hate Force Hedge Funds to Step Up Security". Yahoo Finance. https://finance.yahoo.com/news/death-threats-hate-force-hedge-125914926.html. 
  152. ↑ 152.0 152.1 Mackenzie, Michael (January 29, 2021). "Robinhood raises $1bn from investors and taps banks at end of wild week". Financial Times. https://www.ft.com/content/9a1b24e6-0433-462a-a860-c2504ea565e4. 
  153. ↑ 153.0 153.1 153.2 MacMillan, Douglas; Torbati, Yeganeh (January 29, 2021). "Robinhood and Citadel's relationship comes into focus as Washington vows to examine stock-market moves". The Washington Post. https://www.washingtonpost.com/business/2021/01/29/robinhood-citadel-gamestop-reddit/. 
  154. ↑ 154.0 154.1 Garber, Jonathan (January 28, 2021). "Citadel shoots down Robinhood link". Fox Business. https://www.foxbusiness.com/markets/citadel-shoots-down-robinhood-link. 
  155. ↑ Foxman, Simone; Verhage, Julie; Woolley, Suzanne (October 15, 2018). "Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders" (in en). Bloomberg News. https://www.bloomberg.com/news/articles/2018-10-15/robinhood-gets-almost-half-its-revenue-in-controversial-bargain-with-high-speed-traders. Sweney, Mark; Rushe, Dominic (January 28, 2021). "White House 'monitoring' GameStop share surge as US hedge fund pulls out" (in en). http://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses. Li, Yun (January 27, 2021). "Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position" (in en). https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html. Wallace, Joe (January 25, 2021). "GameStop Stock Jumps to New Record" (in en-US). The Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224. Jamieson, Amber (January 26, 2021). "An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms". https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares. Aliaj, Ortenca; Smith, Colby; Platt, Eric; Mackenzie, Michael (January 28, 2021). "Hedge funds retreat in face of day-trader onslaught". Financial Times. https://www.ft.com/content/4f76d769-4460-450f-9373-1e54f7da6c19. 
  156. ↑ Osipovitch, Alexander (January 31, 2021). "GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities". The Wall Street Journal. https://www.wsj.com/articles/gamestop-frenzy-puts-spotlight-on-trading-giant-citadel-securities-11612089000?mod=searchresults_pos1&page=1. 
  157. ↑ Burton, Katherine; Natarajan, Sridhar (January 31, 2021). "The Citadel Link: What Ken Griffin Has to Do With GameStop". Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-31/the-citadel-link-what-ken-griffin-has-to-do-with-gamestop?srnd=premium-europe. 
  158. ↑ Fitzgerald, Maggie (2021-01-28). "Robinhood restricts trading in GameStop, other names involved in frenzy" (in en). https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html. 
  159. ↑ Doherty, Katherine; Massa, Annie (18 November 2021). "Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit". Bloomberg News. https://www.bloomberg.com/news/articles/2021-11-18/robinhood-citadel-securities-get-meme-stock-lawsuit-dismissed/. 
  160. ↑ Doherty, Katherine (September 30, 2021). "Citadel Securities Says It Learned of Trading Curbs on Twitter". Bloomberg. https://www.bloomberg.com/news/articles/2021-09-30/citadel-securities-says-it-learned-of-trading-curbs-on-twitter. 
  161. ↑ Osipovich, Alexander (September 28, 2021). "Citadel Securities Faces New Pressure Over GameStop Frenzy". The Wall Street Journal. https://www.wsj.com/articles/citadel-securities-faces-new-pressure-over-gamestop-frenzy-11632863151. 
  162. ↑ McEnery, Thornton (September 29, 2021). "Reddit rejoices as hedge-fund billionaire Ken Griffin fires back at those making #KenGriffinLied a trending topic on social media". MarketWatch. https://www.marketwatch.com/story/wall-streets-ken-griffin-fires-back-at-those-making-kengriffinlied-a-trending-topic-on-social-media-and-reddit-rejoices-11632954402. 
  163. ↑ 163.0 163.1 Ongweso Jr, Edward (September 29, 2021). "Court Filings Spark New Citadel-Robinhood GameStop Theories". https://www.vice.com/en/article/qj87dx/court-filings-spark-new-citadel-robinhood-gamestop-theories. 
  164. ↑ Rooney, Kate (September 24, 2021). "Here's what Robinhood executives allegedly said internally at the height of the GameStop short squeeze". CNBC. https://www.cnbc.com/2021/09/24/robinhood-what-executives-said-internally-during-gamestop-short-squeeze.html. 
  165. ↑ Dailey, Natasha (September 30, 2021). "#CitadelScandal is trending on Twitter as retail traders express fresh outrage over allegations around meme-stock trading". Business Insider. https://markets.businessinsider.com/news/stocks/citadel-scandal-hashtag-twitter-retail-traders-meme-stocks-gamestop-2021-9. 
  166. ↑ Fleming, Mike Jr. (February 1, 2021). "Netflix Finalizing GameStop Stock Movie Package; Mark Boal In Talks To Write, Noah Centineo Attached, Scott Galloway To Consult". https://deadline.com/2021/02/netflix-gamestop-stock-movie-screenwriter-mark-boal-noah-centineo-scott-galloway-makeready-1234684568/. 
  167. ↑ Kroll, Justin (January 31, 2021). "MGM Lands Rights To Ben Mezrich's Book Proposal 'The Antisocial Network'; Would Chronicle Recent Wall Street-GameStop Chaos". https://deadline.com/2021/01/mgm-ben-mezrichs-the-antisocial-network-wall-street-1234684378/. 
  168. ↑ "Dumb Money critics reviews". September 23, 2023. https://www.metacritic.com/movie/dumb-money/critic-reviews/. 
  169. ↑ Hibberd, James (February 1, 2021). "Three GameStop movies are rushed into development. Here's how they end.". Entertainment Weekly. https://ew.com/movies/gamestop-movies-wallstreetbets/. Retrieved February 2, 2021. 
  170. ↑ Schwartzel, Erich; Otani, Akane (February 4, 2021). "Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment" (in en-US). The Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/reddits-wallstreetbets-founder-sells-life-story-to-movie-producer-ratpac-entertainment-11612440001. 
  171. ↑ Welk, Brian (February 5, 2021). "GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist". https://www.thewrap.com/gamestop-and-wallstreetbets-documentary-in-the-works-from-xtr-and-the-optimist/. 
  172. ↑ "Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon" (in en-US). 2022-02-27. https://screenrant.com/gaming-wall-street-trailer-gamestop-stock-documentary/. 
  173. ↑ Murray, Noel (January 28, 2022). "Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys". Los Angeles Times. https://www.latimes.com/entertainment-arts/movies/story/2022-01-28/review-documentary-gamestop-rise-of-the-players-wall-street. 
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  175. ↑ 175.0 175.1 175.2 Duprey, Rich (July 10, 2022). "GameStop Finally Announced Its Stock Split. The MOASS Still Isn't Coming". https://www.nasdaq.com/articles/gamestop-finally-announced-its-stock-split.-the-moass-still-isnt-coming. 
  176. ↑ 176.0 176.1 Olsen, Dan (2023-10-01). "This is Financial Advice". https://www.youtube.com/watch?v=5pYeoZaoWrA. 



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