Some rich market d-bags having to do with hedge funds talked crap about GameStop, saying its a fossil and a dying concept of a company.... So pissed off gamers, nerds, reddit users, and amateur stock traders, mostly on Robinhood (stock trading company for average investors) said "Nah bro..." and began rallying the stock by getting together and buying butt-loads of stock shares... The stock price shot up like crazy! Now because the d-bags were proven wrong and "threw in the towel," the SEC is getting involved, ruining it for everyone. So, when average folks lose the game in the stock market, it's fine... But when big-wig traders and investors lose, the game is paused and reset. Screw that. There wouldn't be a market without us! This ain't capitalism. This is oligarchy.
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They didn't just talk crap about Game Stop.
They bet a blank check that the price would go down below $4 by this Friday.
The price on the blank check will be whatever the final price per share is on Friday multiplied by the number of shares they bet would go down (probably many hundreds of thousands or maybe even millions of shares).
Now that the price is shooting up hundreds of dollars per share they're crapping their pants.
spez: at least, that's the story I've seen circulating around.