Millions of people bought stock in GameStop, pushing the company’s value up 1,100 percent and leading to billions of dollars in losses for hedge funds that had bet against it.1 2 The surge in value began after a post on the subreddit r/WallStreetBets, whose members refer to earnings as “tendies” and often celebrate investing success by eating chicken tenders, revealed that Melvin Capital had taken a short position on the retailer.
Weekly Review
Weekly Review
Weekly Review
Millions of people bought stock in GameStop, pushing the company’s value up 1,100 percent and leading to billions of dollars in losses for hedge funds that had bet against it.1 2 The surge in value began after a post on the subreddit r/WallStreetBets, whose members refer to earnings as “tendies” and often celebrate investing success by eating chicken tenders, revealed that Melvin Capital had taken a short position on the retailer.