Gamestop
I haven’t been following this story but I just caught up on it. If I understand the situation correctly, those at wallstreetbets on reddit are trolls trying to screw those publicly taking short positions on stocks by buying the stock being shorted. In this case, the target is Andrew Left at Citron Research and Gamestop, a struggling game retailer.
I am surprised that those at wallstreetbets are being so open about what they are doing given the scale of the market manipulation they are engineering.
But it sets an interesting precedent. This sort of thing could easily be done via a private messaging app such as Telegram and be much more discreet and harder to identify. If this sort of market manipulation becomes a thing we could see a lot more market volatility, which is great for traders but not so good for confidence in the market as a lot of people are going to lose their shirts as a result of these kind of shenanigans.
I will watch the fallout of this Gamestop saga with interest.
