gamestop short squeeze timeline

The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities. In ACM Conference on Hypertext and Social Media (Hypertext), Blue Sky . [17][18][19] 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. The community is known for discussion around meme stocks and high-risk stock transactions. [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. Weaponising Social Media for Information Divide and Warfare. [57][249][250] 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. Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). [244], 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". This is unacceptable. [103] Other firms that incurred large losses include D1 Capital Partners, which lost $4 billion (20 percent of its capital). [168] 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. A Detailed Overview of the GameStop Short Squeeze February 25, 2022 A Detailed Overview of the GameStop Short Squeeze From January 4, 2021 to January 29, 2021, the GameStop Corp. (GME) stock rose from $17.25 to $325.00, which is almost a 1900% increase in valuation (Yahoo Finance, 2021). [119] Mudrick Capital Management made a profit of close to $200 million in January 2021 on its holdings of AMC debt, and a profit of $50 million writing call options on AMC and GameStop stock. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, primarily triggered by the Reddit forum WallStreetBets. [13] Observers congregating around r/wallstreetbets believed the company was being significantly undervalued, and with such a large amount of the shares 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. It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings. 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. [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. [109][110], As of January 31, executives at BlackBerry and GameStop had sold more than $22 million in stock since January 1. 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. [169] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. [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. [222][223][224] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[225] and Chamath Palihapitiya. [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. [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. They borrowed GameStop, put up a margin requirement, immediately sold their shares, and waited for GameStop prices to drop (before eventually re-purchasing and returning the borrowed shares). A short interest ratio of 10 or greater indicates strong pessimism about a stock. Jan 27, 2021. [111] There is no allegation of insider trading among BlackBerry executives, according to CBS News. Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . [104][105], On January 26, it was reported that short sellers had lost a total of $6 billion due to the squeeze. [252][253] As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. [9] 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. 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. 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? [102] Due to the enormous losses, Left stated that Citron Research would stop providing short-sell analysis, and instead focus on "long side multibagger opportunities for individual investors". [40], On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC), a company in a similar position to GameStop. [35] A brief, sharp rise in the share price to over $200 followed Musk's tweet. In 31st ACM Web Conference, Industry Track (WWW), Lyon, France (2022). In an "ask me anything session" on r/wallstreetbets, entrepreneur Mark Cuban also encouraged GameStop buyers to hold on to their stock if they were able to. 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. [27] The stock price increased 1,500 percent by January 27 over the course of two weeks, and its high volatility caused trading to be halted multiple times. Updated: 29 Jan 2021, 04:34 PM IST Mobis Philipose. 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). and Robinhood". [177][178] On February 18, 2021, the committee, chaired by Representative Maxine Waters, held a remote hearing titled Game Stopped? [233] 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. U.S. House Committee on Financial Services, Economic impact of the COVID-19 pandemic in the United States, settle a member's outstanding transactions, The Church of Jesus Christ of Latter-day Saints, Keith Patrick Gill's Opening Statement Before the U.S. House Committee on Financial Services, United States District Court for the Southern District of New York, United States House Committee on Financial Services, Massachusetts Secretary of the Commonwealth, "How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla", "GameStop: how Reddit amateurs took aim at Wall Street's short-sellers", "Meme Stock Saga Officially Over? [265] HBO developed a mini-series, Gaming Wall Street, which was released on March 3, 2022. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide | Committee Repository | U.S. House of Representatives", "In GameStop Saga, Robinhood Is Cast as the Villain", "US lawmakers focus ire on Robinhood in GameStop recriminations", "Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga", "Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy", "Democrats Question Game-Like Trading Apps at House Hearing", "Robinhood customer files class action suit over GameStop trading restrictions", "Class-action lawsuit filed against Robinhood for restricting trading", "Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos", "This App Lets You Automatically Join the Robinhood Class Action Lawsuit", "Robinhood customer sues trading app over GameStop restrictions", "Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop", "Customers sue Robinhood Financial over stock trade suspensions", "Colorado man files federal lawsuit against Robinhood and other stock trading platforms", "Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys", "After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app", "Court dismisses claims Robinhood wrongly restricted 'meme stock' trades", "SEC Urges Company Disclosures on Fundraising During Market Frenzy", "SEC Warns Companies About Stock Price Volatility Disclosures", "Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility", "Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy", "After the GameStop fiasco, momentum builds for an $800 billion tax", "GameStop Frenzy Emboldens Supporters of Stock-Trading Tax", Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform, "U.S. congressional panel calls for crackdown after 'meme-stock' saga", "Robinhood Says it Will Reallow GameStop Trades", "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", "A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge", "The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? Chohan, U.W. GameStop had been a favourite target of short-sellers for some time. 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. [183], A Robinhood customer filed a class-action lawsuit against the company on January 28, 2021, for halting trading on GameStop. One of the largest short sellers in the GameStop trade, Melvin Capital, was forced to close its position in GME in January 2021 due to GameStop's soaring valuation. @FSCDems need to have a hearing on Robinhood's market manipulation. ", "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? His net worth, as reported by Forbes, had declined by $500 million from its peak of $2.1 billion in 2019. [179][180] 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. 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,[205] Senator Ted Cruz,[206] Representatives Ro Khanna,[207] Ted Lieu,[208] and Rashida Tlaib,[209] Fox Business host Charles Payne,[210] and conservative political commentators Rush Limbaugh,[211] Ben Shapiro,[212] and Donald Trump Jr.[213][214], Senator Elizabeth Warren criticized both the short sellers and the buyers, and argued that more regulation was needed. [120] The Church of Jesus Christ of Latter-day Saints, through its investment manager Ensign Peak Advisors, bought 46,000 shares of GameStop in 2020, and saw the value of its investment jump 900 percent. [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. [227] SpaceX and Tesla CEO Elon Musk also criticized the general practice of stock shorting, calling it a "scam legal only for vestigial reasons"[228] A number of major hedge funds had previously shorted Tesla, incurring losses of more than $40 billion as the stock rose considerably. 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. [39] However, users quickly formed similar servers on the application,[39] and Discord reversed its decision the next day, attempting to help the community moderate its server instead. "[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. [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. I'm not sure there is. [113][111], While the short squeeze was initially reported as being driven by retail investors, it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze. [12][28] According to Dow Jones market data, more than 175 million shares of GameStop were traded on January 25, the second largest total in a single day, surpassing its 30-day average volume of 29.8 million shares. This is what a rigged system looks like, folks! [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. [240] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic". GameStop Company History Timeline. Do you agree? [98], On June 22, 2021, White Square Capital, a London-based hedge fund that was reported to have suffered "double-digit" losses betting against GameStop, announced that it would be shutting down. [25], In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a short squeeze on GameStop, pushing up the stock price significantly. As with a typical short squeeze, the short-covering added to the upwards price action. r/wallstreetbets, cn c gi l WallStreetBets hoc WSB, l mt subreddit ni nhng ngi tham gia tho lun v giao dch c phiu v quyn chn.Trang subreddit ny tr nn ng ch v ngn ng tc tu, chin lc giao dch tch cc v vai tr trong t bn non c phiu GameStop m gy ra thit hi cho . This squeeze led to the share price reaching an all-time intraday high of US$483 on January 28, 2021 on the NYSE. The data was described by Bloomberg News as "potentially an early sign that the short squeeze that propelled GameStop has progressed. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. On March 25, the stock recovered dramatically, rising by 53 percent. [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. 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As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. 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. I'll post the update tomorrow as I always do after data readouts. I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. GameStop did not suddenly solve all these problems in the last week, and likely isn't a good investment from a fundamental perspective. [199][200][201], In June 2022, a 140-page report[202] 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.[203]. [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. [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. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. [57][58][59] The DTCC, for instance, increased the total industrywide collateral requirements from $26 billion to $33.5 billion,[63] noting that the large trading volumes in specific stocks "generated substantial risk exposures at firms that clear these trades []particularly if the clearing member or its clients are predominantly on one side of the market". [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? "[234] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading". [71] The short squeezed securities' prices continued to decline during the week. [21] r/wallstreetbets was the fastest-growing subreddit at the time the community surged by more than 1.5 million users overnight (to a total of 6 million members) on January 29. "[260], 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. The changes in price were primarily the result of a short squeeze rather than the improved financial performance of GameStop. Restricting who can buy and sell is using a hammer on free markets", "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. 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. 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. Autoweek. GME shares currently have a short interest ratio of 10.0. The plan was largely successful, with users utilizing apps like Robinhood to buy up GameStop shares and forcing brokers to buy back the stock. [56], Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the result of clearing houses raising the required collateral for executing trades. In premarket trading, the price reached levels above $500, from around $17. [195], 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". [106] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years. "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. "[b]a reference to the "stonks" meme rising in popularity at the timealong with a link to the r/wallstreetbets subreddit. 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. The proportion of shares borrowed to back those short positions had been between 50 and 100 per cent of the company's. Hence, the initial short squeeze triggered a gamma squeeze and pushed GameStop stock to highs of $325.

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