Since 11 January, a group of users on the WallStreetBets online forum, a subforum on discussion platform Reddit, have bid the price of shares for video game retailer GameStop to stratospheric levels.
This type of activity may have started with GameStop, an old-school video game retailer listed on the New York Stock Exchange, but it won’t end there. The gamers are also dabbling in Blackberry and AMC shares and others will surely grab their attention. Ryan Cohen, a former CEO of Chewy, the online US pet-food retailer, started buying GameStop shares in August 2020. His investment company built an initial 13% holding in the company and earlier this year Cohen and two former Chewy colleagues were appointed to the GameStop board.
But, if Musica releases information that suggests its digital strategy is paying off, the share may jump to R15. Now the short seller has no choice but to buy the share back at R15.“Sellers took short positions in Steinhoff and released research reports questioning the integrity of its accounts. When Markus Jooste resigned as CEO, the share price fell off a cliff and kept on falling.”
The combined share-and-call-option buying frenzy shot GameStop’s price into the stratosphere and short-sellers were taken to the cleaners.
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