Gamestop Stock Hit Record High After Reddit Backed Short Squeeze
GameStop’s stock had been steadily rising for the past week, coming up from nearly $20 per share on January 12 and hitting the peak value on Friday thanks to an ongoing campaign from users on the subreddit WallStreetBets and some campaigns by YouTube and TikTok investment accounts (thanks, GamesIndustry.biz). As per Bloomberg (paywall), Friday’s flurry of Reddit-fuelled day-trading made GameStop (or GME) the most actively-traded US stock on the day and even causing trading to be halted multiple times thanks to the stock’s high volatility as Reddit backed a ‘short squeeze’ on the stock....