It was one smart guy who knew that GameStop wasn’t in such a really bad shape as the hedge funds assumed it was, and he learned that they shorted too much, they sold like one and a half times of the total available GME stocks. That put them in an extremely vulnerable situation. He figured out could raise the price to force a “short squeeze”, which basically means the hedge funds had to buy in a lot of stocks to cover their short positions. If he played it right, that would push the price even higher, which was exactly what happened. Wall Street got beaten up in their own game.

It was one smart guy who knew that GameStop wasn’t in such a really bad shape as the hedge funds assumed it was, and he learned that they shorted too much, they sold like three times of the amount of GME stocks which they didn’t have. That put them in an extremely vulnerable situation. He figured out could raise the price to force a “short squeeze”, which basically means the hedge funds had to buy in a lot of stocks to cover their short positions. If he played it right, that would push the price even higher, which was exactly what happened. Wall Street got beaten up in their own game.