I have very little Wall Street knowledge and I haven't seen an article explaining the whole GameStop issue in plain language. Can anyone break it down for the stock market illiterate? Or share a good link? My main question is...can this hedge fund bitch slapping be duplicated over and over again?
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Hedge fund people shorted Game Stop stock. This means that they were betting on Game Stop stock going down, doing poorly.
Instead, a bunch of Redditors from WSBets decided to buy a bunch of Game Stop stock, driving the prices up.
These hedge fund people stand to lose billions if that stock price doesn’t go down like they bet on.
https://wsbets.win