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GameStop short squeeze

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GME closing priceDate050100150200250300350Jan 11Jan 15Jan 22Jan 28Feb 3GME closing priceGME closing price Jan–Feb 2021

Volume (millions)Date0306090120150180210Jan 11Jan 15Jan 22Jan 28Feb 3Volume (millions)GME trading volume jan-feb 2021
Closing price and trade volume of GameStop Corp. (GME) from January 4, 2021, to February 5, 2021[1]


In January 2021, a short squeeze of GameStop, a video-game retailer, and of numerous other securities traded on various stock exchanges took place. The short squeeze increased the retailer's stock price almost 190 times from its record low, hitting a high of nearly $500 per share on January 28, 2021, and causing large losses for short sellers. Approximately 140% of GameStop shares had been sold short and the rush to buy shares to cover these positions only drove the price higher. The short squeeze was primarily triggered by users ("redditors") of the forum r/wallstreetbets on Reddit, mainly through commission-free trading apps such as Robinhood.

On January 28, Robinhood halted the buying of GameStop and other securities, attracting criticism and accusations of market manipulation from several politicians and businesspersons, including Senator Ted Cruz, Representative Alexandria Ocasio-Cortez, businessman Donald Trump Jr., and Tesla CEO Elon Musk among others.[2][3] A class-action lawsuit was also filed against Robinhood in the United States District Court for the Southern District of New York.

Background

Short-selling

Main article: Short (finance)

Short-selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping they can buy them back ("cover") later at a lower price, return the borrowed shares (plus interest) to the lender and profit off the difference. The practice carries an infinite risk of losses, because a stock can, in theory, rise infinitely. This is in contrast with taking a long position (simply owning the stock), where the investor's losses are limited to their initial investment only (at most losses can be 100%). For an example, if a short-seller borrows shares at $20, and then covers at $50 (the stock rose 150%), they would have lost $30 per share, representing a loss of 150%.[4][5]

Running up to the squeeze, approximately 140% of GameStop's shares had been sold short.[6] Observers congregating around r/WallStreetBets believed the company was being significantly undervalued, and with such a high amount of the shares being short, they could trigger a short squeeze, driving up the price as high as they wanted and forcing short-selling firms to buy the stock at a tremendous loss.[7]

GameStop

A GameStop store in 2014

GameStop, an American chain of brick-and-mortar video game stores, has struggled in recent years due to competition from digital distribution services, as well as the economic effects of the COVID-19 lockdowns, which decreased the number of people who shopped in person. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. However, in September 2020, Ryan Cohen (the former CEO of online pet-food retailer Chewy) revealed a significant investment in GameStop and joined the company's board, leading many to believe that the stock was undervalued.[8]

Possible causes

During the COVID-19 pandemic, most people stayed home and had more time to spend, with consumer spending being drastically lowered. There was more money in the hands of investors as a result of historically low interest rates and of inability to spend their money elsewhere.[9] Other suggested factors include a culture of taking massive gambles on the stock market, hoping to make money quickly,[10] and anger from some investors towards the Wall Street hedge funds for their role in the financial crisis of 2007–2008.[11][12]

Timeline

GameStop share price at end of day
Day Price (USD)
January 20 39.12
January 22 65.01
January 25 76.79
January 26 147.98
January 27 347.51
January 28 193.60
Source: NYSE[13]

In January 2021, redditors on r/wallstreetbets initiated a short squeeze on GameStop, pushing their stock prices up significantly.[14] This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease.[15] The stock price increased more than 680% by January 26, and its high volatility caused trading to be halted multiple times.[16][17] In addition to the short squeeze, the resulting increase in options volume triggered a gamma squeeze as a result of market makers needing to buy shares to hedge their increasingly short exposure.[18]

After the GameStop stock closed up 92.7% on January 26, 2021, business magnate Elon Musk tweeted "Gamestonk!!" along with a link to the r/wallstreetbets subreddit.[19] As of January 28, 2021, the all-time highest intraday stock price for GameStop, excluding extended-hours trading, is US$483.00 (nearly 190 times the record low of $2.57).[20]

On January 27, 2021, r/wallstreetbets triggered a short squeeze on AMC Theatres (AMC), a company in a similar position to GameStop.[21] The value of AMC Networks (AMCX) also increased in value significantly, which was believed to have happened because of the stock's name being similar to AMC's.[22] Disruptions and restrictions limiting trade have been reported on multiple brokerages such as Charles Schwab Corporation, its subsidiary, TD Ameritrade, and Robinhood.[23][24] According to Bloomberg, US trading volumes on January 27 (in terms of share count) exceeded the peak set in October 2008 during the financial crisis, and was the third-highest in dollar terms within the last 13 years on record.[25]

On January 28, 2021, GameStop shares opened higher in pre-market, reaching a high of nearly $500 per share.[13] However Robinhood delisted GameStop, AMC, BlackBerry, Nokia, and other volatile stocks from its trading platform; traders could no longer open new positions in the stock, although they could still close them.[26] Other exchanges soon followed suit. Many traders were furious, and called for class-action lawsuits in multiple popular reddit posts.[27] After the markets closed, Robinhood announced it would begin to allow "limited buys" of the affected securities starting the following day, although it was unclear what "limited buys" entailed.[28] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. [29]

GME Resources, an Australian mining company, saw their shares significantly increase in value on January 28. This was speculated to have occurred as a joke given the identical ticker symbols.[30] Trading platforms such as UK based Trading212 and eToro blocked buys of GameStop and other stock while continuing to allow sales.[31] Webull halted buy orders for stocks affected by the squeeze,[32] and soon thereafter allowed orders to continue.[33]

See also: Citadel LLC § Regulatory issues

Bloomberg previously reported that 40% of Robinhood's revenues were derived from selling customer orders to firms such as Citadel Securities and Two Sigma Securities.[34] As Robinhood limited trading of GameStop shares, users alleged a conflict of interest. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limited trading.[35][36][37]

Impact on hedge funds

As of January 28, 2021, Melvin Capital, an investment fund shorting GameStop, had lost 30% of its value since the start of the year.[38] Citadel LLC funds and firm partners then invested $2 billion, while Point72 Asset Management’s investment added $750 million, for a total investment of $2.75 billion, [39][40][41][42][43] before Melvin Capital stated to CNBC that they covered (closed) their position on January 26. The exact amount was not disclosed.[44][45] Reportedly Citron Research, another hedge fund, had also shorted the stock and claimed to have closed the position with a 100% loss.[12][46] According to Morgan Stanley, a number of hedge funds covered their short positions and sold shares in their portfolio to reduce leverage and market exposure, in some of the largest such actions within 10 years.[47] In contrast, BlackRock Inc., which owned about 9.2 million shares (13%) of GameStop as of December 31, 2020, stood to make gains of about $2.4 billion on the market activity.[48] On January 26, 2021, it was reported that short sellers lost a total of $5.05 billion due to the squeeze.[49]

Losses on short positions in U.S. firms topped $70 billion. Ortex data showed that as of January 27, there were loss-making short positions on more than 5,000 U.S. firms.[50]

Reactions

Senator Elizabeth Warren (D-MA) called out the investors and hedge funds which were criticizing the rally, saying they "have treated the stock market like their own personal casino while everyone else pays the price".[51] Similar sentiments were expressed by Senator Ted Cruz (R-TX) ,[52] Representative Alexandria Ocasio-Cortez (D-NY),[53] Representative Rashida Tlaib (D-MI),[54] Representative Ted Lieu (D-CA),[55] Donald Trump Jr.,[56] CNN anchor Jake Tapper,[57] Fox Business host Charles Payne,[58] conservative political commentators Ben Shapiro[59] and Rush Limbaugh,[60] billionaire investor Mark Cuban,[61] and The Lincoln Project founder Reed Galen.[62] Some lawmakers, such as Alexandria Ocasio-Cortez, Ted Cruz and Ro Khanna also expressed frustration at Robinhood and other's decisions to close individual trading of GameStop, among other stocks.[63] In an interview with CNBC, Reddit co-founder Alexis Ohanian compared the rally to Occupy Wall Street, saying that "it's a chance for Joe and Jane America—the retail buyers of stock—to flex back and push back on these hedge funds."[64] Numerous journalists have also drawn comparison to the movement.[65][66][67] Billionaire hedge fund manger Leon Cooperman complained that it is unfair to suggest that the wealthy do not pay their fair share of taxes.[68]

White House press secretary Jen Psaki on Wednesday said Treasury Secretary Janet Yellen and others in the Biden administration were monitoring the situation.[70] Speaker of the House Nancy Pelosi said that Congress will be reviewing the situation.[71] Senator Sherrod Brown (D-OH) announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze.[72] Representative Byron Donalds (R-FL) called for Congress to launch "an immediate investigation into Citadel, L.L.C. and Robinhood.[73] Representative Maxine Waters (D-CA) announced she will convene a hearing in the Financial Services Committee.[74]

Various news media across the political spectrum have raised concern over potential conflict of interest in regards to Yellen, because she had received $810,000 from Citadel after the end of her term as Chair of the Federal Reserve, as well as $7,000,000 in total from various firms.[75][76][77]

Disgruntled users review-bombed the Robinhood app on the Google Play Store after it halted the trading of GameStop securities, pushing its ratings down to one star.[78]

Lawsuit

A Robinhood customer filed a class-action against Robinhood for halting trading on GameStop, claiming that the action was an attempt to "purposefully and knowingly to manipulate the market for the benefit of people and financial institutions who were not Robinhood's customers".[79] Alexander G. Cabeceiras, the attorney who filed the suit, tweeted shortly after: "'Robinhood's mission is to democratize finance for all.' This is simply not true."[80] The lawsuit, filed in the United States District Court for the Southern District of New York is seeking reinstatement of $GME trading to the platform, as well as a class action fee for plaintiffs, attorney's fees, and punitive damages.[81]

Other affected assets

Stocks

This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by editing the page to add missing items, with references to reliable sources.

Apart from GameStop, many other heavily shorted securities saw increases in their prices:

Security (Symbol) Price high Jan 22 % chg. Ref.
AMC Networks (AMCX) 73.00 49.38 47.8% [22]
AMC Theatres (AMC) 20.36 3.51 480.1% [82]
Bed Bath & Beyond (BBBY) 53.90 30.21 78.4% [83]
BlackBerry Limited (BB) 28.77 14.04 104.9% [84]
Express, Inc. (EXPR) 13.97 1.79 680.4% [84]
iRobot Corporation (IRBT) 197.40 98.94 99.5% [85]
Koss Corporation (KOSS) 127.45 3.34 3,715.9% [86]
Nokia Oyj (NOK) 9.79 4.20 133.1% [87]
Tootsie Roll Industries (TR) 58.98 30.14 95.7% [88]
Virgin Galactic Holdings (SPCE) 59.43 34.28 73.4% [85]
Build-A-Bear Workshop, Inc. (BBW) 8.40 4.52 85.8% [89]
Naked Brand Group (NAKD) 3.40 0.44 672.7% [90]
Eastman Kodak Company (KODK) 15.15 9.46 60.1% [91]
Genius Brands (GNUS) 3.36 1.57 114.0% [91]
Palantir Technologies (PLTR) 45.00 32.58 38.1% [91]
National Beverage Corp. (FIZZ) 196.43 98.44 99.5% [92]

Prices may vary during extended-hours trading.

See also

References

  1. ^ Data from Yahoo! Finance
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