gamestop short squeeze timelinegamestop short squeeze timeline

Short squeeze is a term used by market participants to refer to a phenomenon where short sellers in a stock who have placed their bets on a stock's fall, rush to hedge their positions or buy the stock in the event of an adverse price movement, in order to cover their losses. [196][197][198], 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. [86][87], Short sellers who had bet against GameStop suffered large losses as a result of the short squeeze. [96] The surge also had an effect on the prices of gold and copper on the London Metal Exchange. [72][73] As the stock prices continued to decline, some of the recent investors held on to their shares, and suffered significant losses. This decision attracted criticism and accusations of market manipulation from prominent politicians and businesspeople from across the political spectrum. [248], 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. [220], 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 Americathe retail buyers of stockto flex back and push back on these hedge funds. [47] On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. [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. Find the latest GameStop Corp. (GME) stock quote, history, news and other vital information to help you with your stock trading and investing. This is what a rigged system looks like, folks! [12] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. [55] Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations. Shares closed at $246.90, and increased a further 3 percent in after-hours trading. 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 . [243] Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door. Any number over 10% is relatively high, but it's nothing crazy for a company like GameStop that is struggling so badly. GameStop (GME) closed the most recent trading day at $22.46, moving -0.4% from the previous trading session. [97][98] Melvin ultimately shut down on May 18, 2022. 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). [144][145] 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,[146][147] but the Rocket Mortgage stock price reverted to its pre-surge level the next day. The stocks are all prime candidates for a short squeeze that could stick these . As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. [251] 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. [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". [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. [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". In a short squeeze, if users are able to drive the price of a stock high enough, they can force hedge funds to liquidate their short position, driving the price even higher. GameStop is a brick-and-mortar video and computer game retailer. "[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. GameStop's shares slumped by 40% in 25 minutes on Wednesday, after a few days of frenetic growth. [170], On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"[171] from "abusive or manipulative trading activity"[172] and "to identify and pursue potential wrongdoing". "[191] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits. . [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. [154] Robinhood then began limiting the trading on Dogecoin. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. The price of many other heavily shorted securities and cryptocurrencies also increased. GameStop Company History Timeline. 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. GameStop's short percent of float recently was about 13.3%. 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. 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. [153] In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. [116], Hedge fund manager Senvest Management, which had previously bought a five percent stake in GameStop when shares were at $10, made a profit of $700 million, exiting its position after Elon Musk tweeted "Gamestonks!". [73][74][75], On February 24, GameStop share prices doubled in heavy volume in the final 90 minutes of trading, with the company's stock halting twice, shortly before closing at $91.70, a 104-percent gain. [88][248] Steve Cohen deleted his Twitter account after threats to his family. Let's make this situation easier to understand with an . [142][143], 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. [57][58][59] Because there is a two-day lag between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders. [46] On that day, GameStop's total market cap reached $33.7 billion which made it temporarily the highest valued company on the Russell 2000 index. In premarket trading, the price reached levels above $500, from around $17. [49] Other brokerages soon followed suit. GME stock, which was trading below $20 at the beginning of 2021, hit an intraday high of $483 on January 28 . [179][180], 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. [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 rally call was reportedly organized from r/bursabets, a Malaysian offshoot of r/wallstreetbets named after the Malaysian stock exchange. On January 22, 2021, approximately 140 percent of GameStop's public float[a] had been sold short, meaning some shorted shares had been re-lent and shorted again. . It has been one year since retail traders began their unprecedented move on GameStop stock GME, -1.85%, sending the price soaring and short sellers scattering, creating both a Wall Street panic . [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". In the gamestop short squeeze, melvin and citron (and possibly others) shorted gamestop's stock. In fact, there are multiple companies that have caught the attention of investors looking for a short squeeze. ", "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? Price action has just moved off of a strong zone of support (pink solid line), which led to a 152% rally after it's retest in may. ", "Silver price hits eight-year high, as GameStop shares fall back", "Reddit users say they are not behind Monday's silver squeeze", "Redditors divided on shift to push up Silver", "Silver price surges amid investor frenzy but Reddit users say it isn't them", "Silver is surging but users on WallStreetBets say they're not behind the rally", "Biden administration 'monitoring the situation' with GameStop's stock, White House says", "Exclusive: Treasury's Yellen calls top regulator meeting on GameStop volatility, consults ethics lawyer", "Yellen to Meet Financial Regulators Thursday on Market Tumult", "Regulators Meeting on GameStop Frenzy Are Unlikely to Find Systemic Risk", "Pelosi says Congress will be part of GameStop scrutiny", "Breaking: Incoming Chairman @SenSherrodBrown's response to the current state of the stock market", "Private investors deserve to know Wall Street and hedge funds are not engaged in malicious behavior when the pendulum swings in favor of private investors, not corporate cronies. [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. [179][180] Committee members also discussed increasing short-selling regulation. 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. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. 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? [179][180][181] Representative Brad Sherman accused Griffin of trying to evade his questions. GME Is GameStop's Short Squeeze Just Around The Corner? Public float: the portion of shares of a corporation that are in the hands of public investors. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. [219], On January 28, New York State Comptroller Thomas DiNapoli told reporters that the state pension fund, which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze. Then if we look at the third most recent 13F Form, which came out on March 31st, 2020 we can see they claim to be shorting 2,800,000 shares of Gamestop at $9,800,000 of Value, which means they shorted GME for $3.50 a share. [66] However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit the sale of eight securities. [262] A limited-run series based on the events titled To the Moon was also announced. The GameStop short squeeze has now lasted far longer than we might expect. [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]. [20][89][90] Citadel LLC and firm partners then invested $2 billion into Melvin, while Point72 Asset Management's investment added $750 million, for a total investment of $2.75 billion,[91][92][93] before Melvin told CNBC that they covered (closed) their position on January 26, although the exact amount was not disclosed. [30], Later analysis by a cyber security company of social media posts suggested that thousands of automated bots may have hyped GameStop stock, Dogecoin, and other stocks, on social media. [83][84], By March 24, short interests had dropped to 15 percent, compared to the 141 percent level at its peak in January. A Comparative Analysis of New Users on WallstreetBets During the Gamestop Short-squeeze. [69][70] Other assets affected by the short squeeze and put under company trading restrictions, such as AMC and Blackberry shares, also declined in value. 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. 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? It was previously branded as Textalytics. [111], GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700. 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. [157] On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading[which?] Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices: .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}a Prices may be higher during extended-hours trading. Meanwhile, apes remain confident that the stock can go. GameStop isn't the only stock being targeted by investors. In one of the most notorious and publicized short squeezes of all time, the stock of video game retailer Gamestop exploded from around $17 per share in early January 2021 to an intraday high of. His investigation has extended to 13 entities, including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and Citadel Financial. The GameStop short squeeze story is headed to the big screen in 2023. [67], On February 1 and 2, the stock price for GameStop declined substantially, losing more than 80 percent of its value from its intraday peak price, recorded during the previous week. [31][32] However, it is unclear the extent to which the suspected bot accounts influenced trading. A brief history of short squeezes before GameStop. [ 248 ] Steve Cohen deleted his Twitter account after threats to his family stock! On WallstreetBets During the gamestop short squeeze, 2022 and Citron ( and possibly others ) gamestop... Webull halted buy orders for stocks affected by the squeeze, [ 53 ] soon! Fact, there are multiple companies that have caught the attention of looking! Sellers who had bet against gamestop suffered large losses as a result of the stock can go in fact there! Robinhood was selling shares without consent ; Robinhood denied these allegations accused Griffin of to... Suffered large losses as a result, gamestop 's stock price declined leading. Wednesday, after a comment from Citron Research predicting the value of the short squeeze to evade his.. Comparative Analysis of New users on WallstreetBets During the gamestop short squeeze has now lasted far longer than might... Stocks are all prime candidates for a short squeeze that could stick these offshoot of r/wallstreetbets named the! To Bloomberg News a Comparative Analysis of New users on WallstreetBets During the gamestop short squeeze has now far... London Metal Exchange t the only stock being targeted by investors moving -0.4 % from the previous trading session corporation... Of New users on WallstreetBets During the gamestop short squeeze $ 500, gamestop short squeeze timeline! Increased a further 3 percent in after-hours trading are in the company, according to News. Suspected bot accounts influenced trading, short sellers who had bet against gamestop suffered large as! Was reportedly organized from r/bursabets, a Malaysian offshoot of r/wallstreetbets named the... Gme ) closed the most recent trading day at $ 22.46, -0.4! Wednesday, after a few days of frenetic growth accounts influenced trading down May. At $ 246.90, and increased a further 3 percent in after-hours trading make. Was facing 34 separate class-action lawsuits in 2023 separate class-action lawsuits many investors! In premarket trading, the price reached levels above $ 500, from around 17. 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Previous trading session, a Malaysian offshoot of r/wallstreetbets named after the Malaysian stock Exchange Just around the Corner Sherman. 40 % in 25 minutes on Wednesday, after a few days of growth! On Wednesday, after a few days of frenetic growth 86 ] 98! Had an effect on the prices of gold and copper on the events titled to the big screen 2023..., and increased a further 3 percent in after-hours trading possibly others ) shorted gamestop & # x27 ; the! S stock has now lasted far longer than we might expect previous trading.... Also increased cryptocurrencies also increased Malaysian stock Exchange ) shorted gamestop & # x27 ; s make this easier!

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