Hedge fund wanted to kill GameStop basically. They shorted more stock than what was available, over 100% short interest. They'd made a lot of money already but wanted more and kept shorting.
A stock trading sub Reddit noticed the short interest and many people started buying. Demand went up, stock price went up. A lot. Big demand beget a huge short squeeze and GME went from around $5 to over $350 in a day. Hedge fund went double bust and got mad because the plebes manipulated the market on GME and only they are supposed to do that.
What happened with Game Stop?
Hedge fund wanted to kill GameStop basically. They shorted more stock than what was available, over 100% short interest. They'd made a lot of money already but wanted more and kept shorting.
A stock trading sub Reddit noticed the short interest and many people started buying. Demand went up, stock price went up. A lot. Big demand beget a huge short squeeze and GME went from around $5 to over $350 in a day. Hedge fund went double bust and got mad because the plebes manipulated the market on GME and only they are supposed to do that.
Hedge fund got way over aggressive shorting their stock and regular people from reddit BTFO massively.