Wild Week on Wall Street, What’s Next?

February 1, 2021 12:09:42

What a wild ride on Wall Street. Individual investors, loosely connected on a social media platform, challenged institutional investors and brought them to their knees using a classic Wall Street tactic to put the squeeze on Wall Street itself.

Featured in a Wall Street Journal article, Keith Gill, an individual trader known as DeepF—ingValue on the Reddit forum WallStreetBets, sparked a Wall Street counterculture and helped turn the investing world upside down. By now, almost everyone has heard of GameStop Corp. (NYSE: GME) and its meteoric rise from obscurity to over 1,700% at its peak. Individual investors on WallStreetbets successfully targeted and chatted up several stocks with extremely high short interest, which triggered short squeezes in many of the targets, forcing short interests to cover. The strategy worked like magic, with buying volume so heavy that hedge funds lost billions and broker dealers like Robinhood temporarily restricting buying in certain stocks to preserve financial solvency. This never-before-seen David vs. Goliath moment in the markets has been punctuated by shrieks of jubilation from thousands of small investors for having “stuck it” to the establishment while cashing in along the way. It wasn’t just GameStop that was targeted. AMC Entertainment Holdings Inc. (NYSE: AMC), the movie theater chain, has surged nearly 840% this year, and BlackBerry Ltd. (NYSE: BB) is up nearly 280%. Wielding the power of technology and decentralization, individual investors…


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