Dumb Money (2023)
However, professional investors watched with horror the opposite effect: if in January 2021, GameStop shares were trading at a price of 15-20 dollars a piece, then as a result of an "attack" by Reddit users, their quotes were raised at 440 dollars. As a result, since December 2020, the computer game company's market value has increased by 1,700 percent overnight, "boosting" the price of GameStop by ten billion dollars. This led to the collapse of several investment funds and the complete destruction of Melvin Capital, one of the largest hedge funds on Wall Street, which never recovered from its losses.
- Dumb Money (2023)
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