GameStop Short Squeeze

GameStop short squeeze
In January 2021, a short squeeze of

the stock of the American video
game retailer GameStop
(NYSE: GME
(https://www.nyse.com/quote
/XNYS:GME)) and other securities
took place, causing major financial
consequences for certain hedge
funds and large losses for short
sellers. Approximately 140 percent of
GameStop shares had been sold
short, and the rush to buy shares to
cover those positions as the price
rose caused it to rise even further.
The short squeeze was initially and
primarily triggered by users of the
subreddit r/wallstreetbets, an
Internet forum on the social news
website Reddit. At its height, on
January 28, the short squeeze caused
the retailer's stock price to reach a
pre-market value of over US$500
per share, nearly 30 times the $17.25
valuation at the beginning of the
month. Many other heavily shorted
securities also saw price increases.
On January 28, multiple brokerages,

including Robinhood, halted the Closing price and trade volume of GameStop Corp. (GME
buying of GameStop and other (https://www.nyse.com/quote/XNYS:GME)) from January 4, 2021,
securities, later citing their inability to February 3, 2021[1]
to post sufficient collateral at
clearing houses to execute their
clients' orders. This decision attracted criticism and accusations of market manipulation from
prominent politicians and businesspeople from across the political spectrum, and dozens of class
action lawsuits were filed against Robinhood in U.S. courts. In reaction to brokerages halting the
buying of GameStop and other securities, the total market capitalization of cryptocurrencies and
metal futures increased.
Contents
Background
GameStop
Short selling and short squeezes
Online discussion
1 of 33
Possible causes
Timeline
Rise in stock price and volume
Halting of stock purchases
Decline in value
Impact on involved entities
Hedge funds and short sellers
Companies with increased stock value
Gains of existing shareholders and third parties
Reactions
Political figures
Public figures
Retaliation and protests
Alleged conflict of interest between Robinhood and Citadel
Investigations
Lawsuits
Other affected assets
Stocks
Cryptocurrencies
Metal futures
In popular culture
See also
Notes
References
Further reading
Background
GameStop
GameStop, an American chain of brick-and-mortar video

game stores, had struggled in recent years due to competition
from digital distribution services, as well as the economic
effects of the COVID-19 pandemic, which reduced the number
of people who shopped in-person. As a result, GameStop's
stock price declined, leading many institutional investors to
short sell the stock. However, in September 2020, Ryan Cohen
(the former CEO of online pet-food retailer Chewy) revealed a
A GameStop store in 2014
significant investment in GameStop and joined the company's
board, leading some to believe that the stock was
undervalued.[2]
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Short selling and short squeezes
Short selling is a finance practice in which an investor, known as the short-seller, borrows shares
and immediately sells them, hoping to buy them back later ("covering") at a lower price, return the
borrowed shares (plus interest) to the lender and profit off the difference. The practice carries an
unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise. This
is in contrast with taking a long position (simply owning the stock), where the investor's loss is
limited to the cost of their initial investment.[3][4]
Short sellers are exposed to a risk of short squeezing, which occurs when the shorted stock jumps
in value due, for instance, to a sudden piece of favorable news. Short sellers are then forced to buy
back the stock they had initially sold, in an effort to keep their losses from mounting. Purchasing
the stock to cover their short positions raises the price of the shorted stock, thus triggering more
short sellers to cover their positions by buying the stock. This can result in a cascade of stock
purchases and an even bigger jump of the share price.[5][6][2]
Online discussion
The subreddit r/wallstreetbets is an online community on Reddit, a social news website. The
community is known for discussion around high-risk stock transactions.[7] On January 22, 2021,
approximately 140 percent of GameStop's public float[a] had been sold short, meaning some
shorted shares had been re-lent and shorted again.[8] Observers congregating around
r/wallstreetbets believed the company was being significantly undervalued, and with such a large
amount of the shares being short they could trigger a short squeeze, by driving up the price to the
point where short sellers had to capitulate and cover their positions at large losses.[2]
Even before the short squeeze, there had been

interest in GameStop (ticker symbol: GME). Keith Dude everyone thinks I'm crazy, and I think
Gill, known by the Reddit username everyone else is crazy. I've dealt in deep value
stocks for years but have never endured bearish
"DeepFuckingValue" and the YouTube and Twitter
sentiment this heavy. I expect the narrative to
alias "Roaring Kitty",[10][11][12] purchased around shift in the second half of the year when
$53,000 in call options on GameStop's stock in investors start looking for ways to play the
2019 and saw his position rise to a value of $48 console refresh and they begin to see what I see.
million by January 27, 2021. [12][13][14] Gill, a 34- I'll post the update tomorrow as I always do
year-old marketing professional and Chartered after data readouts. It will be ugly, and
everyone will mock me as usual, but I expect
Financial Analyst (CFA) from Massachusetts, GME to bounce back just as it did after the two
stated that he began investing in GameStop during previous earnings readouts.
the summer of 2019, after believing the stock to be
undervalued. He shared information, as Keith Gill (as DeepFuckingValue),
DeepFuckingValue, regarding his investment on r/wallstreetbets, January 2020[9]
the subreddit r/wallstreetbets, providing regular
updates on the investment's performance,
including times when the investment had plunged.
He stated on January 29, after the GameStop short squeeze, that he "thought this trade would be
successful" but "never expected what [had] happened over the last week", adding that he planned
to continue his YouTube channel as Roaring Kitty and potentially buy a house.[10]
On January 27, technology news website Mashable reported that the subreddit had broken
pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours.[15]
r/wallstreetbets was the fastest-growing subreddit – the community surged by more than 1.5
million users overnight (to a total of 6 million members) on January 29.[16]
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Possible causes
Due to the COVID-19 pandemic, consumer spending in general was drastically lower than normal.
There was also more money in the hands of investors as a result of historically low interest rates
and an inability to spend their money elsewhere.[17] Other suggested factors included a culture of
taking massive gambles on the stock market in the hopes of making money quickly,[18] anger of
some investors towards Wall Street hedge funds for their role in the financial crisis of 2007 and
2008,[19][13][20][21] or the general democratization of the stock market coupled with the ability of
retail traders to communicate instantaneously through social media.[22]
Timeline
GameStop Corp. (GME (https://www.nyse.com/quote/XNYS:GME))
closing share price[23]
Rise in stock price and
Change
volume Day Price (USD) Volume
Net %
In January 2021, Reddit users on the
January 11 19.94 +2.25 +12.72% 14,927,612
r/wallstreetbets subreddit built the
foundations for a short squeeze on January 12 19.95 +0.01 +0.05% 7,060,665
GameStop, pushing up the stock price
January 13 31.40 +11.45 +57.39% 144,501,736
significantly.[24] This occurred shortly
after a comment from Citron January 14 39.91 +8.51 +27.10% 93,717,410
Research predicting the value of the
January 15 35.50 −4.41 −11.05% 46,866,358
stock would decrease.[25] The stock
price increased 1,500 percent by January 19 39.36 +3.86 +10.87% 74,721,924
January 27 over the course of two January 20 39.12 −0.24 −0.61% 33,471,789
weeks, and its high volatility caused
trading to be halted multiple times. January 21 43.03 +3.91 +9.99% 57,079,754
[24][26] According to Dow Jones
January 22 65.01 +21.98 +51.08% 197,157,946
market data, more than 175 million
shares of GameStop were traded on January 25 76.79 +11.78 +18.12% 177,874,000
January 25, the second largest total in January 26 147.98 +71.19 +92.71% 178,587,974
a single day, surpassing its 30-day
average volume of 29.8 million January 27 347.51 +199.53 +134.84% 93,396,666
shares.[27] January 28 193.60 −153.91 −44.29% 58,815,805
In conjunction with the short January 29 325.00 +131.40 +67.87% 50,566,055

squeeze, the resulting increase in February 1 225.00 −100.00 −30.77% 37,382,152
options volume triggered a gamma
squeeze as a result of market makers February 2 90.00 −135.00 −60.00% 78,183,071
needing to buy shares to hedge their February 3 92.41 +2.41 +2.68%
increasingly short exposure.[28]
After GameStop's stock closed up 92.7 percent on January 26, business magnate Elon Musk
tweeted "Gamestonk!!"[b] along with a link to the r/wallstreetbets subreddit.[30] A brief, sharp rise
in the share price to over $200 followed Musk's tweet.[31] As of January 28, 2021, the all-time
highest intraday stock price for GameStop was $483.00 (nearly 190 times the record low of $2.57
in April 2020).[32] In pre-market trading hours the same day, it briefly hit over $500.[33]
The r/wallstreetbets Discord server was banned on January 27 for violating the company's
restrictions on hate speech.[34] However, users quickly formed similar servers on the
application,[34] and Discord reversed its decision the next day, attempting to help the community
4 of 33
moderate its server instead.[35]
On January 27, r/wallstreetbets triggered a short squeeze on AMC Theatres (ticker symbol: AMC),
a company in a similar position to GameStop.[36] The value of AMC Networks (ticker symbol:
AMCX) also increased significantly, which was believed to have happened because of the stock's
name being similar to AMC's.[37] Disruptions and restrictions limiting trade have been reported on
multiple brokerages such as Charles Schwab Corporation, its subsidiary, TD Ameritrade, and
Robinhood.[38][39] According to Bloomberg, US trading volumes (by share count) on January 27
exceeded the peak set in October 2008 during the financial crisis, and was the third-highest in
dollar terms within the last 13 years on record.[40]
Halting of stock purchases
On January 28, Robinhood halted purchases of GameStop, AMC Theatres, BlackBerry Limited,
Nokia Corporation, and other volatile stocks from its trading platform; customers could no longer
open new positions in the stock, although they could still close them.[41] Other brokerages soon
followed suit. Many traders were furious, and called for class-action lawsuits in multiple popular
Reddit posts.[42] After the markets closed, Robinhood announced it would begin to allow "limited
buys" of the affected securities starting the following day, although it was unclear what "limited
buys" entailed.[43] Trading platforms such as UK-based Trading212 and Israel-based eToro
blocked buys of GameStop and other stock while continuing to allow sales.[44] Webull halted buy
orders for stocks affected by the squeeze,[45] but soon thereafter allowed orders to continue.[46]
Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their
clearing house meant Webull themselves were restricted from opening new positions.[47] Some
users alleged that Robinhood was selling shares without consent; Robinhood denied these
allegations.[48]
Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the
result of clearing houses raising the required collateral for executing trades.[49][50][51] Because
there is a two-day lag between the moment when investors purchase a security and the moment
cash and securities are actually exchanged, brokerage firms have to post collateral at clearing
houses to guarantee the proper settlement of their clients' orders.[50] Clearing houses include the
Depository Trust & Clearing Corporation (DTCC) for equities and the Options Clearing
Corporation (OCC) for options.[49] Clearing houses must have enough collateral on hand to settle a
member's outstanding transactions in the event any particular member firm fails—to prevent
cascading failures of other members—and can demand additional collateral (i.e., margin calls)
from members if market volatility starts to increase.[52] Brokerage firms claimed that the increased
collateral could not be provided in time, and, as a result, trading had to be halted.[49][50][51] The
DTCC, for instance, increased the total industrywide collateral requirements from $26 billion to
$33.5 billion,[53][54] noting that the large trading volumes in specific stocks "generated substantial
risk exposures at firms that clear these trades [...] particularly if the clearing member or its clients
are predominantly on one side of the market".[54] On January 29, it was reported that Robinhood
had raised an additional $1 billion to protect the company from the financial pressure placed by
the increased interest in particular stocks and meet the collateral requirements of clearing houses.
[55][56]
As of January 29, Robinhood still imposes limits on the trading of GameStop, AMC, and
Blackberry stocks.[54] On January 30, Robinhood announced it had increased the restrictions from
the sale of 13 securities to 50, including companies such as Rolls-Royce Motor Cars and Starbucks
Corporation.[57] However, on January 31, Robinhood announced it had removed several of these
restrictions and would only limit the sale of eight securities.[58]
5 of 33
Decline in value
On February 1 and 2, the stock price for GameStop declined substantially, losing more than 80
percent of its value from its intraday peak price, recorded during the previous week. GameStop
shares lost 60 percent of their value on February 2, closing below $100 for the first time in a
week.[59][60] Reports estimated that about $27 billion in value had been erased.[60][61] Other
assets affected by the short squeeze, and put under company trading restrictions, such as AMC and
Blackberry shares, also declined in value. CNN reported that the drop was partly due to
restrictions imposed by Robinhood and other brokers on the number of shares that could be
purchased at once by their clients.[62]
Impact on involved entities
Hedge funds and short sellers
By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost
30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53%
of its investments.[63][64] Citadel LLC and firm partners then invested $2 billion into Melvin, while
Point72 Asset Management's investment added $750 million, for a total investment of $2.75
billion,[65][66][67] before Melvin told CNBC that they covered (closed) their position on January 26.
The exact amount was not disclosed.[68] According to Morgan Stanley, a number of hedge funds
covered their short positions and sold shares in their portfolio to reduce leverage and market
exposure, in some of the largest such actions within 10 years.[69] On January 26, it was reported
that short sellers lost a total of $6 billion due to the squeeze.[70] On January 27, a Melvin Capital
spokesperson stated that the fund had closed its position after repositioning its portfolio.[71]
Melvin ended January with more than $8 billion in assets after having started the year with
roughly $12.5 billion in assets.[72]
According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron
Research, had also shorted the stock and claimed to have closed the position as a total loss.[20][73]
In an interview, he claimed that the company had covered the majority of its short positions in the
range of $90 per share at a loss of 100 percent, retaining a small, manageable position.[74] Due to
the enormous losses, Left stated that Citron Research would discontinue offering short-sell
analysis after 20 years of service, and instead focus on "long side multibagger opportunities for
individual investors".[75]
Losses on short positions in U.S. firms topped $70 billion. Data from equity analytics firm Ortex
showed that as of January 27, there were loss-making short positions on more than 5,000 U.S.
firms.[76]
On February 1, GameStop short interests fell to 39 percent of free-floating shares, from 114 percent
in mid-January, according to IHS Markit. The data was described by Bloomberg News as
"potentially an early sign that the short squeeze that propelled GameStop... has progressed."[77]
Companies with increased stock value
Since January 1, executives at BlackBerry and GameStop have sold more than $22 million in
stock.[78] There is no allegation of insider trading among BlackBerry executives, according to CBS
News.[78] Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of
the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting
6 of 33
unvested employee stock options.[78]
Since the beginning of 2021, four members of GameStop's board of directors have sold $20 million
in company stock.[78] One of the sellers was Kurt Wolf, a former executive consultant turned
money manager who joined the board in 2020.[78] Hestia Capital, Wolf's investment fund,
unloaded more than two-thirds of its stake in GameStop in January, grossing Wolf and his clients
over $17 million.[78] GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold
shares from January 13 to January 16, making $1.4 million, and likewise, board member Lizabeth
Dunn cashed in $156,700.[78][79] GameStop CEO George Sherman owns over 2.3 million shares in
the company, according to Bloomberg News. These shares were worth $44 million on December
31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire,
before the value of his stock prices lowered to $901 million on January 29.[80] GameStop moved to
restrict executives and insiders from selling additional shares; however, as all the events in
question were due to outside information and speculation in the public domain, the executives
would not be breaking insider-trading laws, according to CBS News.[78]
Gains of existing shareholders and third parties
An analysis created by Reuters concluded that due to the events that have unfolded, some of Wall
Street's largest asset managers were able to realize gains both from their share stakes and from
lending out stocks to short sellers.[81] Brokerages, trading systems and market makers have also
gained from higher-than-average volume of transfers.[81]
Reactions
Political figures
A variety of politicians and commentators Alexandria Ocasio-Cortez Twitter

across the political spectrum made statements @AOC
in support of those driving up the price of
GameStop and other stocks, as well as against This is unacceptable. We now need to know
Robinhood and other companies' decision to more about @RobinhoodApp's decision to
limit these trades, including Senator Ted block retail investors from purchasing stock
Cruz,[83] Representatives Ro Khanna,[84] Ted while hedge funds are freely able to trade the
Lieu,[85] Alexandria Ocasio-Cortez,[86] and stock as they see fit. As a member of the
Rashida Tlaib,[87] Fox Business host Charles Financial Services Cmte, I'd support a hearing
Payne,[88] and conservative political if necessary.
commentators Rush Limbaugh, [89] Ben
[90] [91][92] January 28, 2021[82]
Shapiro, and Donald Trump Jr.
Senator Elizabeth Warren criticized both the

short sellers and the buyers, and argued that more regulation was needed. She stated that the large
investors and hedge funds who were criticizing the rally "have treated the stock market like their
own personal casino while everyone else pays the price".[93] She also called on the U.S. Securities
and Exchange Commission to take a bigger stand, saying they must "act to ensure that markets
reflect real value, rather than the highly leveraged bets of wealthy traders or those who seek to
inflict financial damage on those traders"[94] and "to have a healthy stock market, you've got to
have a cop on the beat."[95]
In an interview with CNBC, Massachusetts Secretary of the Commonwealth William F. Galvin
7 of 33
criticized the investors' behavior as based on reckless
speculation and called for a 30-day suspension of trading
GME stock, stating "I think we've all recognized the current
pandemic has created a unique situation where many have
gotten into day-trading and really have no idea exactly what
they're doing ... I think small-time investors like that,
unsophisticated investors, are going to be hurt by this."[96] In
another CNBC interview joined by Canadian politician,
businessman and Shark Tank investor Kevin O'Leary, O'Leary
disputed Galvin's assertions, remarking "They’re learning
about the risks of the market. ... We forgot to educate them in
high school, so let them learn in the real world, which is even
better." O'Leary said that hedge funds now faced the new risk
that "social media vigilantes" would target them, which would
caution them from aggressively selling short stocks. O'Leary
emphasized that the virality of the GameStop trade—aided
January 29 letter from Senator
partly by zero-commission brokerage apps such as
Elizabeth Warren to U.S. Securities
Robinhood—had sparked a growing interest in investing.[97]
and Exchange Commission Acting
Chair Allison Lee regarding the
On January 28, New York State Comptroller Thomas DiNapoli
GameStop short squeeze
told reporters that the state, which had 647,500 shares in
March 2020, had sold off hundreds of thousands of shares
since then, benefiting from the squeeze.[98]
Public figures
In a CNBC interview, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street,
saying that "it's a chance for Joe and Jane America—the retail buyers of stock—to flex back and
push back on these hedge funds."[99] Numerous journalists have also drawn comparison to the
Occupy movement.[100][101][102] Similar sentiments sympathetic for the retail investors were
expressed by billionaire investors Mark Cuban[103] and Chamath Palihapitiya.[104] Palihapitiya,
who passed on early investment opportunities in Robinhood, opined that the founding co-CEOs,
Baiju Bhatt and Vladimir Tenev, lacked integrity and urged his followers to
"#DeleteRobinhood".[104] OpenAI CEO Sam Altman suggested the company change its name.[105]
SpaceX and Tesla CEO Elon Musk also criticized the general practice of stock shorting, calling it a
"scam legal only for vestigial reasons"[106] A number of major hedge funds had previously shorted
Tesla, incurring losses of more than $40 billion as the stock rose considerably.[106]
Several celebrities and influencers also criticized Robinhood. Actor and rapper Ja Rule, who had
used Robinhood since 2014, said what the company did was "a fucking CRIME"[107] and called the
situation "an uprising".[108] Comedian and television host Jon Stewart, after joining Twitter,
expressed support for the Reddit traders in his first tweet, stating "they're joining a party Wall
Street insiders have been enjoying for years".[109] Late night host Jimmy Kimmel criticized Stewart
for his tweet, sarcastically asking him "RealDonaldTrump? Is that you?";[110] Kimmel later called
the Redditors "Russian disruptors" on his show.[111] YouTuber Philip DeFranco announced he
would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking
spot on my show again regardless of the offer."[112] Barstool Sports founder David Portnoy also
criticized Robinhood for its lack of "free trading".[113] More generally, it was recognized that Wall
Street was now subject to the same populist vigor (afforded by Internet connectivity) as the
entertainment industry, politics, and so on.[114]
In a CNBC interview, billionaire investor and hedge fund manager Leon Cooperman angrily
8 of 33
criticized the Reddit users' market behavior, calling it a result of the federal response to the
pandemic and stating that it would "end in tears" for the retail investors.[115][116]
Retaliation and protests
Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the
trading of GameStop securities, pushing its ratings down to one star.[117] However, Google deleted
at least 100,000 such reviews, calling them "coordinated or inorganic".[118] Protesters also showed
up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange
Commission headquarters in Washington, D.C., and the New York Stock Exchange.[119]
The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was
being targeted online, including an incident where Left's social media accounts were hacked to text
his children "threatening, profane and personal language".[120][121][122]
Following the Robinhood controversy, the World Wide Robin Hood Society, a UK-based group
with the Twitter handle @robinhood dedicated to promoting the Robin Hood legend, noticed that
they had risen from 350 Twitter followers to over 50,000.[123] It is believed that their sudden
increase in followers was due to confusion between the two organizations' similar names.[123]
Alleged conflict of interest between Robinhood and Citadel
Following the decision by brokerage firm Robinhood to halt

the buying of stocks affected by the short squeeze, users on
Reddit and other social media called in question its
relationship with Citadel Securities.[49][124][125] Bloomberg
News had previously reported that 40 percent of Robinhood's
revenue was derived from selling customer orders to market-
making firms including Citadel Securities and Two Sigma
Securities, in a practice known as payment for order flow.[126]
The Washington Post reported that Robinhood routed more
Citadel's Chicago headquarters.
than half of its customer orders to Citadel, which was its Users on Reddit alleged a conflict of
largest market making partner by volume.[124] Citadel interest between the company and
Securities is the sister company to Citadel LLC, which along Robinhood.
with Point72 Asset Management invested $2.75 billion into
Melvin Capital.[127][128] As Robinhood restricted trading of
GameStop shares, thereby limiting the growth of the stock's value, users alleged that Citadel
Securities directed Robinhood to do so. Citadel Securities stated that they did not instruct any
brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured
by Citadel.[49][124][125][129]
Investigations
On January 27, 2021, White House press secretary Jen Psaki said that Treasury Secretary Janet
Yellen and others in the Biden administration were monitoring the situation,[130] and Speaker of
the House Nancy Pelosi said that Congress will also be reviewing it.[131] However, some reporters
raised concern over a potential conflict of interest in regards to Yellen, as she had received
$810,000 from Citadel after the end of her term as Chair of the Federal Reserve, as well as $7
million in total from various firms for public speaking appearances.[132][133] Senator Sherrod
Brown announced that the Senate Banking Committee would hold a hearing on the state of the
9 of 33
stock market and the alleged market manipulation
surrounding the GameStop short squeeze.[134] Representative
Byron Donalds called for Congress to launch "an immediate
investigation into Citadel, L.L.C. and Robinhood".[135]
Representative Maxine Waters announced she will convene a
hearing in the Financial Services Committee.[136]
White House Press Secretary Jen Attorney General of New York Letitia James confirmed in a
press release that her office would look into the matter, saying
Psaki being asked about the short
"We are aware of concerns raised regarding activity on the
squeeze on January 27 (55
Robinhood app, including trading related to the GameStop
seconds)
stock".[137][138]
Texas Attorney General Ken Paxton said he would also

investigate the decision of brokerages to limit the buying of securities related to GameStop and
other stocks, saying that it "stinks of corruption". His investigation has extended to 13 entities,
including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and
Citadel Financial.[139]
On January 29, the U.S. Securities and Exchange Commission announced it was reviewing the
incident with the aims "to protect retail investors"[140] from "abusive or manipulative trading
activity"[141] and "to identify and pursue potential wrongdoing".[142]
Vladimir Tenev, Robinhood's CEO, was reported to be testifying before the United States House
Committee on Financial Services, scheduled for February 18.[143][144][145]
Lawsuits
A Robinhood customer filed a class-action lawsuit against the company on January 28 for halting
trading on GameStop.[146][147] The lawsuit, which was filed in the United States District Court for
the Southern District of New York, claimed that Robinhood "purposefully, willfully, and knowingly
removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise
thereby deprived retail investors of the ability to invest in the open-market"; the lawsuit also
accused Robinhood of "manipulating the open-market".[146][147] Several other investors began
using the app DoNotPay to automatically join the lawsuit.[148][149]
A second class-action was filed in the Northern District of Illinois claiming that Robinhood's
decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional
investment at the detriment of retail customers".[150][151][152] Similarly, a man in Colorado filed a
federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to
the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which
he was essentially forced to sale his equities at a drastically reduced position given the new market
condition set by these supposedly neutral brokerage houses, taking significant losses and being
incapable of trading in these publicly held equities that he had performed significant due diligence
and research on, and relied upon over the course of his job as a day trader."[153]
As of February 2, Robinhood was facing 34 separate class-action lawsuits.[154][155]
Other affected assets
Stocks
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Apart from GameStop, many other heavily shorted securities (as well as securities with low short
interest) saw increases in their prices:
Selected stocks experiencing sharp price increases (USD)
Price Jan
Security (symbol) % chg. Ref.
high[a] 22
AMC Entertainment Holdings, Inc. (AMC (https://www.nyse.com [156]

20.36 3.51 480.1%
/quote/XNYS:AMC))
AMC Networks Inc. (AMCX (http://www.nasdaq.com/symbol/amcx)) 59.83 49.38 21.2% [37]
American Airlines Group Inc. (AAL (http://www.nasdaq.com/symbol [157]

21.77 15.82 37.6%
/aal))
BB Liquidating Inc. (OTC Pink: BLIAQ (https://www.otcmarkets.com [158]

0.24 0.10 140.0%
/stock/BLIAQ/quote))
Bed Bath & Beyond Inc. (BBBY (http://www.nasdaq.com/symbol [159]

53.90 30.21 78.4%
/bbby))
BlackBerry Limited (BB (https://www.nyse.com/quote/XNYS:BB)) 28.77 14.04 104.9% [160]
Build-A-Bear Workshop, Inc. (BBW (https://www.nyse.com/quote [161]

8.40 4.52 85.8%
/XNYS:BBW))
Eastman Kodak Company (KODK (https://www.nyse.com/quote [162]

15.15 9.46 60.1%
/XNYS:KODK))
Express, Inc. (EXPR (https://www.nyse.com/quote/XNYS:EXPR)) 13.97 1.79 680.4% [160]
Fossil Group, Inc. (FOSL (http://www.nasdaq.com/symbol/fosl)) 28.60 9.87 189.8% [163]
Genius Brands International (GNUS (http://www.nasdaq.com [162]

3.36 1.57 114.0%
/symbol/gnus))
iRobot Corporation (IRBT (http://www.nasdaq.com/symbol/irbt)) 197.40 98.94 99.5% [164]
Koss Corporation (KOSS (http://www.nasdaq.com/symbol/koss)) 127.45 3.34 3,715.9% [165]
Ligand Pharmaceuticals Incorporated (LGND [166]

191.59 142.62 34.3%
(http://www.nasdaq.com/symbol/lgnd))
The Macerich Company (MAC (https://www.nyse.com/quote [167]

25.99 14.58 78.3%
/XNYS:MAC))
Naked Brand Group (NAKD (http://www.nasdaq.com/symbol/nakd)) 3.40 0.44 672.7% [168]
National Beverage Corp. (FIZZ (http://www.nasdaq.com/symbol [169]

196.43 98.44 99.5%
/fizz))
Nokia Oyj (NOK (https://www.nyse.com/quote/XNYS:NOK)) 9.79 4.20 133.1% [170]
Palantir Technologies Inc. (PLTR (https://www.nyse.com/quote [162]

45.00 32.58 38.1%
/XNYS:PLTR))
Siebert Financial (SIEB (https://www.nyse.com/quote/XNYS:SIEB)) 18.50 3.70 400.0% [171]
Tootsie Roll Industries, Inc. (TR (https://www.nyse.com/quote [172]

58.98 30.14 95.7%
/XNYS:TR))
Virgin Galactic Holdings, Inc. (SPCE (https://www.nyse.com/quote [164]

59.43 34.28 73.4%
/XNYS:SPCE))
a Prices may be higher during extended-hours trading.
11 of 33
GME Resources, an Australian mining company, saw their shares increase more than 50 percent
during intraday trading, closing with a 13.3-percent increase on January 28. This was speculated
to have occurred as a joke or mistake given the identical ticker symbols on different exchanges.
[173][174]
Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for
Malaysian latex glove makers on Bursa Malaysia as a countermove against the devaluation of the
sector by institutional investors following the lifting of a ban on short selling in the country earlier
in January 2021. Top Glove, Hartalega and Supermax respectively recorded increases in shares as
high as 15 percent, 10 percent and 9.2 percent during intraday trading on January 29, before
closing with respective increases of 8.5 percent, 5.4 percent and 3.7 percent. The rally call was
reportedly organized from r/bursabets, a Malaysian offshoot of r/wallstreetbets named after the
Malaysian stock exchange.[175][176]
Cryptocurrencies
In reaction to brokerages halting the buying of GameStop and other securities, the combined
market capitalization of all cryptocurrencies increased to over $1 trillion, with Dogecoin's value
increasing over 800 percent.[177][178][179][180] Users of the subreddits r/CryptoCurrency and
r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin".[181] In
addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20% in value to more
than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the
GameStop share price by Reddit users.[182] Robinhood sparked controversy by banning trading on
Dogecoin.[183][184]
Metal futures
Following the stock market surge, futures for silver began to rapidly increase as well,[185][186]
although later news reports clarified that it was unclear who was behind the rise.[187] On January
28 and 29, the price of silver rose 10 percent.[188] The surge also had an effect on the prices of gold
and copper on the London Metal Exchange.[186] On February 1, the price of silver hit an eight-year
high as GameStop shares continued their volatile tendency, with trading being halted at least once
as the price fell by double-digit percentages.[189] Users on r/wallstreetbets deny involvement in the
increasing price of silver, instead blaming the increase on institutions and hedge funds with
positions in silver, such as Citadel, seeking to offset losses on GameStop.[190][191][192][193]
In popular culture
In February 2021, it was announced that Netflix had plans to develop a movie based off the events.
Mark Boal is in negotiations to write, and Noah Centineo is set to star in the film.[194]
Separately, Metro-Goldwyn-Mayer (MGM) acquired the rights to make its own movie based on
Ben Mezrich's book proposal The Antisocial Network, aimed at chronicling the recent events on
Wall Street.[195]
A limited-run series based on the events titled To the Moon was also announced.[196]
See also
Subprime mortgage crisis – December 2007–June 2009 banking emergency in the US
12 of 33
Economic bubble – Economic phenomenon of very high prices driven by speculation
Philip Falcone – businessman who performed a short squeeze in 2012
Greater fool theory – the price of an object is determined by the local and relative demand of a
specific consumer and not from intrinsic value
Irrational exuberance – unfounded market optimism that lacks fundamental valuation
Pump and dump – Form of securities fraud
South Sea Company – British company subject to an 18th-century economic bubble from
widespread speculation
Speculation – Engaging in risky financial transactions
Tulip mania – 17th-century economic bubble in the Netherlands
Notes
a. Public float: the portion of shares of a corporation that are in the hands of public investors.
b. Stonk is a deliberate humorous misspelling of stock popular in Internet slang.[29]
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reddit-targets-another-short-squeeze). TheStreet.com. Archived (https://web.archive.org
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172. "Reddit's GameStop gang pushes Tootsie Roll to record" (https://www.chicagobusiness.com
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Sherr, Ian (January 31, 2021). "Reddit wants to send AMC, GameStop stock to the moon.
Here's how" (https://www.cnet.com/personal-finance/reddit-wants-to-send-amc-gamestop-
stock-to-the-moon-heres-how/). CNET. Retrieved January 31, 2021.
32 of 33
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GameStop Short Squeeze

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GameStop short squeeze

In January 2021, a short squeeze of

On January 28, multiple brokerages,

GameStop, an American chain of brick-and-mortar video

Even before the short squeeze, there had been

In conjunction with the short January 29 325.00 +131.40 +67.87% 50,566,055

Halting of stock purchases

Impact on involved entities

Hedge funds and short sellers

Companies with increased stock value

Gains of existing shareholders and third parties

A variety of politicians and commentators Alexandria Ocasio-Cortez Twitter

Senator Elizabeth Warren criticized both the

In an interview with CNBC, Massachusetts Secretary of the Commonwealth William F. Galvin

Retaliation and protests

Alleged conflict of interest between Robinhood and Citadel

Following the decision by brokerage firm Robinhood to halt

Texas Attorney General Ken Paxton said he would also

As of February 2, Robinhood was facing 34 separate class-action lawsuits.[154][155]

Other affected assets

Selected stocks experiencing sharp price increases (USD)

AMC Entertainment Holdings, Inc. (AMC (https://www.nyse.com [156]

AMC Networks Inc. (AMCX (http://www.nasdaq.com/symbol/amcx)) 59.83 49.38 21.2% [37]

American Airlines Group Inc. (AAL (http://www.nasdaq.com/symbol [157]

BB Liquidating Inc. (OTC Pink: BLIAQ (https://www.otcmarkets.com [158]

Bed Bath & Beyond Inc. (BBBY (http://www.nasdaq.com/symbol [159]

BlackBerry Limited (BB (https://www.nyse.com/quote/XNYS:BB)) 28.77 14.04 104.9% [160]

Build-A-Bear Workshop, Inc. (BBW (https://www.nyse.com/quote [161]

Eastman Kodak Company (KODK (https://www.nyse.com/quote [162]

Express, Inc. (EXPR (https://www.nyse.com/quote/XNYS:EXPR)) 13.97 1.79 680.4% [160]

Fossil Group, Inc. (FOSL (http://www.nasdaq.com/symbol/fosl)) 28.60 9.87 189.8% [163]

Genius Brands International (GNUS (http://www.nasdaq.com [162]

iRobot Corporation (IRBT (http://www.nasdaq.com/symbol/irbt)) 197.40 98.94 99.5% [164]

Koss Corporation (KOSS (http://www.nasdaq.com/symbol/koss)) 127.45 3.34 3,715.9% [165]

Ligand Pharmaceuticals Incorporated (LGND [166]

The Macerich Company (MAC (https://www.nyse.com/quote [167]

Naked Brand Group (NAKD (http://www.nasdaq.com/symbol/nakd)) 3.40 0.44 672.7% [168]

National Beverage Corp. (FIZZ (http://www.nasdaq.com/symbol [169]

Nokia Oyj (NOK (https://www.nyse.com/quote/XNYS:NOK)) 9.79 4.20 133.1% [170]

Palantir Technologies Inc. (PLTR (https://www.nyse.com/quote [162]

Siebert Financial (SIEB (https://www.nyse.com/quote/XNYS:SIEB)) 18.50 3.70 400.0% [171]

Tootsie Roll Industries, Inc. (TR (https://www.nyse.com/quote [172]

Virgin Galactic Holdings, Inc. (SPCE (https://www.nyse.com/quote [164]

a Prices may be higher during extended-hours trading.

This page was last edited on 4 February 2021, at 00:33 (UTC).

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