I heard it went up super high but isn’t the company dying slowly?
It's a lot more complicated than this but here's the simple explanation:
- A bunch of Wall Street bankers placed huge bets that GameStop would go bankrupt
- A subreddit called WallStreetBets did the math and realized they could screw with these bankers if they all collectively purchased GameStop stock and held it.
- More and more people got in on this gambit, and the stock shot way up
- The Wall Street bankers lost a ton of money, because GameStop went way up instead of down.
- A bunch of Redditors also lost a ton of money because GameStop came crashing down
- The stock market is a clownshow