GameStop: A Short Story
The U.S. economy has been in freefall, due to coronavirus restrictions. But the U.S. stock market has been doing just fine. So much so, that an army of traders on TikTok and Reddit have driven stock prices up on some… unusual companies. Particularly the ailing brick-and-mortar chain GameStop.
The video game retailer saw its stock soar last week, skyrocketing from $40 a share to $120 a share in less than seven days.
That was thanks mostly to investors on Reddit, who drove up the shares mainly as a way to troll Wall Street consultants.
Why is the stock market doing gangbusters in an economy that’s… not? And what does the tale of GameStop tell us about stocks, sales and those who see the system as a kind of game?
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