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In battle over GameStop shares, two big players flinch
A David and Goliath saga is unfolding in financial markets over the stock price of struggling retail chain GameStop. On Wednesday, Goliath walked away from the battle. Two Goliaths, actually. A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have essentially admitted defeat. The victor, for now at least, is a volunteer army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop’s stock and beat back the professionals. GameStop’s stock surged as high as $380 Wednesday morning, after sitting below ... (full story)
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