1 minute read
Timeline
THE GAMESTOP ‘SHORT SQUEEZE’
31.12.20 22.01.21 26.01.21
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A combination of COVID-19 and competition from digital distribution mean that GameStop’s stock (GME) nets a peak value of only $22 on the NYSE.
140% of GameStop’s public float has been sold short by Wall Street. This activity is noticed by Reddit forum r/ WallStreetBets. GME reaches a high of $150 when Reddit users utilise Robinhood and other retail brokers to buy stock en masse.
27.01.21 28.01.21 29.01.21 01.02.21
Elon Musk’s tweet “Gamestonk!!” coincides with a massive rise in investment; GME reaches a high of $483 and closes at $347.51.
Robinhood restricts trading and there are claims that some users’ assets have been sold without authorisation; GME closes at $194.
Analyses from experts theorise that Wall Street shorting positions could have resulted in losses of roughly $8bn. Vladimir Tenev states that restrictions have been lifted. Musk confronts Tenev on Blink and requests a public explanation for the events of 28 January; GME closes at $225.
