View source for GameStop short squeeze

{{short description|2021 financial markets event}}
{{protection padlock|small=yes}}
{{Use mdy dates|date=February 2021}}
{{Use American English|date=January 2021}}
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In January 2021, a [[short squeeze]] of the [[stock]] of the American video game retailer [[GameStop]] and other [[Security (finance)|securities]] took place, causing major financial consequences for certain [[hedge fund]]s and large losses for [[Short (finance)|short sellers]]. Approximately 140 percent of GameStop's [[public float]] had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The short squeeze was initially and primarily triggered by users of the [[subreddit]] [[r/wallstreetbets]], an [[Internet forum]] on the [[social news website]] [[Reddit]], although a number of hedge funds also participated. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a [[Pre-market and after-hours trading|pre-market value]] of over [[United States dollar|US$]]500 per [[Share (finance)|share]] ($125 split-adjusted), nearly 30 times the $17.25 valuation at the beginning of the month. The price of many other heavily shorted securities and [[cryptocurrencies]] also increased.

On January 28, some [[brokerages]], particularly app-based brokerage services such as [[Robinhood (company)|Robinhood]], halted the buying of GameStop and other securities, citing the next day their inability to post sufficient [[collateral (finance)|collateral]] at [[Clearing (finance)#Securities and derivatives clearing|clearing]] houses to execute their clients' orders. This decision attracted criticism and accusations of [[market manipulation]] from prominent politicians and businesspeople from across the political spectrum. Dozens of [[class action]] lawsuits have been filed against Robinhood in U.S. courts, and the [[United States House Committee on Financial Services|U.S. House Committee on Financial Services]] held a [[United States congressional hearing|congressional hearing]] on the incident.

The unusually high price and volatility continued after the peak in late January. On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged approximately $200 per share for another month. On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering. On March 25, the stock recovered dramatically, rising by 53 percent.

==Background==

===Short selling and short squeezes===
{{Main|Short (finance)|Short squeeze}}
[[Short selling]] is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, in the hope that they will be able to buy them back later ("covering") at a lower price, return the borrowed shares (plus interest) to the lender, and profit off the difference. The practice carries an unlimited risk of losses, because there is no inherent limit to how high a stock's price can rise should the short-seller be proven wrong in their belief that the stock price was going to fall. This is in contrast with taking a [[long (finance)|long]] position (simply owning the stock), where the investor's loss is limited to the cost of their initial investment.<ref>{{Cite news |last=van Doorn |first=Philip |title=How you could lose everything by short-selling stocks, whether it's betting against GameStop or Tesla |work=[[MarketWatch]] |url=https://www.marketwatch.com/story/how-you-could-lose-everything-by-short-selling-stocks-whether-its-betting-against-gamestop-or-tesla-11611669028 |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210126221632/https://www.marketwatch.com/story/how-you-could-lose-everything-by-short-selling-stocks-whether-its-betting-against-gamestop-or-tesla-11611669028 |archive-date=January 26, 2021}}</ref><ref>{{Cite news |last=Davies |first=Rob |date=January 28, 2021 |title=GameStop: how Reddit amateurs took aim at Wall Street's short-sellers |language=en |work=[[The Guardian]] |url=https://www.theguardian.com/business/2021/jan/28/gamestop-how-reddits-amateurs-tripped-wall-streets-short-sellers |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128182605/https://www.theguardian.com/business/2021/jan/28/gamestop-how-reddits-amateurs-tripped-wall-streets-short-sellers |archive-date=January 28, 2021}}</ref>

Short sellers are exposed to a risk of [[short squeeze|short squeezing]], which occurs when the shorted stock jumps in value because, for instance, there is a sudden piece of favorable news. Short sellers are then forced to buy back the stock they had initially sold, in an effort to keep their losses from mounting. The market demand they create by purchasing the stock to cover their short positions further raises the price of the shorted stock, thus triggering more short sellers to cover their positions by buying the stock. This can result in a cascade of stock purchases and an even bigger jump of the share price.<ref name="WSJ 151205">{{Cite news |last=Constable |first=Simon |date=December 6, 2015 |title=What Is a Short Squeeze? |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/what-is-a-short-squeeze-1449460381 |url-status=dead |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210123063932/https://www.wsj.com/articles/what-is-a-short-squeeze-1449460381 |archive-date=January 23, 2021}}</ref><ref name="FT 210125">{{Cite news |last=Powell |first=Jamie |date=January 25, 2021 |title=GameStop can't stop going up |work=[[Financial Times]] |url=https://www.ft.com/content/7aa60aa1-484f-4747-9136-cd0a560dd2d8 |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210126233657/https://www.ft.com/content/7aa60aa1-484f-4747-9136-cd0a560dd2d8 |archive-date=January 26, 2021}}</ref><ref name="VoxGameStopExplosion" />

===GameStop===
[[File:GameStop (14666287269).jpg|thumb|A [[GameStop]] store in 2014]]
[[GameStop]], an American chain of [[brick-and-mortar]] video game stores, had struggled in the years leading up to the short squeeze due to competition from [[digital distribution]] services, as well as the economic effects of the [[COVID-19 pandemic]], which reduced the number of people who shopped in-person. As a result, GameStop's stock price declined, leading many [[institutional investor]]s to believe it would continue falling, thus short-selling the stock. On January 22, 2021, approximately 140 percent of GameStop's [[public float]]{{Efn|Public float: the portion of shares of a corporation that are in the hands of public investors.|name=|group=}} had been sold short, meaning some shorted shares had been re-lent and shorted again.<ref name="Forbes Meme Stock">{{Cite news |last=Ponciano |first=Jonathan |date=February 11, 2021 |title=Meme Stock Saga Officially Over? GameStop Short Interest Plunged 70% Amid $20 Billion Loss |work=[[Forbes]] |url=https://www.forbes.com/sites/jonathanponciano/2021/02/10/meme-stock-saga-officially-over-gamestop-short-interest-plunged-70-amid-20-billion-loss/?sh=138c22eb2130 |access-date=15 February 2021 |archive-date=August 9, 2021 |archive-url=https://web.archive.org/web/20210809190731/https://www.forbes.com/sites/jonathanponciano/2021/02/10/meme-stock-saga-officially-over-gamestop-short-interest-plunged-70-amid-20-billion-loss/?sh=138c22eb2130 |url-status=live }}</ref><ref name="BusinessInsiderFlinch" /> Analysts at [[Goldman Sachs]] later noted that short interest exceeding 100 percent of a company's public float had only occurred 15 times in the prior 10 years.<ref name="Forbes Meme Stock" />

However, in mid-2019, investor [[Michael Burry]]'s [[Scion Asset Management]] acquired a 3.3-percent stake in GameStop and wrote to the company's board of directors, identifying overlooked value in the company and urging them to buy back shares.<ref name="Bloomberg Burry">{{Cite news |last=Kim |first=Heejin |date=January 27, 2021 |title=Michael Burry Calls GameStop Rally 'Unnatural, Insane' |work=[[Bloomberg News|Bloomberg]] |url=https://www.bloomberg.com/news/articles/2021-01-27/michael-burry-calls-gamestop-gain-unnatural-insane-dangerous |access-date=February 10, 2021 |archive-date=February 11, 2021 |archive-url=https://web.archive.org/web/20210211003736/https://www.bloomberg.com/news/articles/2021-01-27/michael-burry-calls-gamestop-gain-unnatural-insane-dangerous |url-status=live }}</ref><ref name="WaPo 210202">{{Cite news |last=Lynch |first=David J. |date=February 2, 2021 |title=The GameStop stock craze is about a populist uprising against Wall Street. But it's more complicated than that. |newspaper=[[The Washington Post]] |url=https://www.washingtonpost.com/business/2021/02/01/gamestop-origins/ |access-date=February 10, 2021 |archive-date=February 10, 2021 |archive-url=https://web.archive.org/web/20210210041429/https://www.washingtonpost.com/business/2021/02/01/gamestop-origins/ |url-status=live }}</ref> In August 2020, [[Ryan Cohen]] (the former [[CEO]] of online [[pet food]] retailer [[Chewy (company)|Chewy]]) revealed a 9-percent investment in GameStop, leading some to believe that the stock was undervalued.<ref name="VoxGameStopExplosion" /><ref name="turner">{{Cite news |last1=Turner |first1=Nick |last2=Calderone |first2=Gregory |date=2020-08-31 |title=GameStop Soars After Co-Founder of Chewy Acquires a Stake |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2020-08-31/gamestop-soars-after-co-founder-of-chewy-acquires-a-stake |url-status=live |url-access=subscription |access-date=2023-04-13 |archive-url=https://web.archive.org/web/20211028201339/https://www.bloomberg.com/news/articles/2020-08-31/gamestop-soars-after-co-founder-of-chewy-acquires-a-stake |archive-date=October 28, 2021}}</ref> In January 2021, Cohen joined GameStop's board, triggering a stock rally.<ref name="yun li">{{Cite web |last=Li |first=Yun |date=January 27, 2021 |title=GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros |url=https://www.cnbc.com/2021/01/27/gamestop-mania-explained-how-the-reddit-retail-trading-crowd-ran-over-wall-street-pros.html |url-status=live |archive-url=https://web.archive.org/web/20210127221220/https://www.cnbc.com/2021/01/27/gamestop-mania-explained-how-the-reddit-retail-trading-crowd-ran-over-wall-street-pros.html |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[CNBC]]}}</ref>

=== Online discussion ===
{{see also|Meme stocks}}
The [[subreddit]] [[r/wallstreetbets]] is an online community on [[Reddit]], a [[social news website]]. The community is known for discussion about [[meme stocks]] and [[Equity risk|high-risk stock]] transactions.<ref>{{Cite news |last=Davison |first=Jake |date=October 25, 2018 |title=Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a Day—And Brag About It |language=en |work=[[Money (magazine)|Money]] |url=https://money.com/wall-street-bets/ |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129074501/https://money.com/wall-street-bets/ |archive-date=January 29, 2021}}</ref> Observers congregating around r/wallstreetbets believed the company was being significantly [[undervalued stock|undervalued]], and with such a large amount of the stock being short they could trigger a short squeeze, by driving up the price to the point where short sellers had to capitulate and cover their positions at large losses.<ref name="VoxGameStopExplosion" />{{quote box
| align = right
| width = 30%
| salign = right
| quote = Dude everyone thinks I'm crazy, and I think everyone else is crazy. I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. I expect the narrative to shift in the second half of the year when investors start looking for ways to play the console refresh and they begin to see what I see.<br />
I'll post the update tomorrow as I always do after data readouts. It will be ugly, and everyone will mock me as usual, but I expect GME to bounce back just as it did after the two previous earnings readouts.

...
Yea there's deep value, then there's deep fucking value.
| author = [[Keith Gill]] (u/DeepFuckingValue)
| source = [[r/wallstreetbets]], January {{not a typo|2020}}<ref>{{Cite web |date=January 14, 2020 |title=GameStop 2019 Holiday sales down 27.5% YoY, comparable sales down 24.7%, stock down 6% after hours |url=https://old.reddit.com/r/wallstreetbets/comments/eoaua4/gamestop_2019_holiday_sales_down_275_yoy/fecbdv2/ |url-status=live |archive-url=https://archive.today/20210127192133/https://old.reddit.com/r/wallstreetbets/comments/eoaua4/gamestop_2019_holiday_sales_down_275_yoy/fecbdv2/ |archive-date=January 27, 2021 |access-date=January 30, 2021 |website=reddit.com}}</ref>
}}
Even before the short squeeze, there had been interest in GameStop ([[ticker symbol]]: GME). [[Keith Gill]], known by the Reddit username "DeepFuckingValue" (often referred to in more formal contexts as "DFV" for short to omit the profanity) and by the [[YouTube]] and [[Twitter]] alias "Roaring Kitty",<ref name="GillWSJ">{{Cite web |last1=Verlaine |first1=Julia-Ambra |last2=Banerji |first2=Gunjan |date=January 29, 2021 |title=Keith Gill Drove the GameStop Reddit Mania. He Talked to the Journal. |url=https://www.wsj.com/articles/keith-gill-drove-the-gamestop-reddit-mania-he-talked-to-the-journal-11611931696 |url-status=dead |archive-url=https://archive.today/20210129173713/https://www.wsj.com/articles/keith-gill-drove-the-gamestop-reddit-mania-he-talked-to-the-journal-11611931696 |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[The Wall Street Journal]]}}</ref><ref name="GillNYT">{{Cite web |last1=Popper |first1=Nathaniel |last2=Browning |first2=Kellen |date=January 29, 2021 |title=The 'Roaring Kitty' Rally: How a Reddit User and His Friends Roiled the Markets |url=https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html |url-status=live |archive-url=https://web.archive.org/web/20210129100713/https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[The New York Times]]}}</ref><ref name="FamedBull">{{Cite web |last1=Prentice |first1=Chris |last2=Schroeder |first2=Pete |date=January 29, 2021 |title=Famed GameStop bull 'Roaring Kitty' is a Massachusetts financial advisor |url=https://www.reuters.com/article/us-retail-trading-roaringkitty-idUSKBN29Y0AF |url-status=live |archive-url=https://web.archive.org/web/20210129041127/https://www.reuters.com/article/us-retail-trading-roaringkitty-idUSKBN29Y0AF |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Reuters]]}}</ref> purchased around $53,000 in [[call option]]s on GameStop's stock in 2019 and saw his position rise to a value of $48 million by January 27, 2021.<ref name=FamedBull/><ref name="EsquireHowWallStreetBets" /><ref>{{Cite web |last=Esguerra |first=Harvey |date=January 28, 2021 |title=Meme Stock War Stories: From GameStop Diamond Hands to Robinhood's Reversal |url=https://www.complex.com/life/2021/01/gamestop-meme-stock-short-sellers-robinhood |url-status=live |archive-url=https://web.archive.org/web/20210129044302/https://www.complex.com/life/2021/01/gamestop-meme-stock-short-sellers-robinhood |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Complex (magazine)|Complex]]}}</ref> Gill, a 34-year-old marketing professional and [[Chartered Financial Analyst]] (CFA) from Massachusetts, stated that he began investing in GameStop during the summer of 2019, after believing the stock to be undervalued. He shared information regarding his investment on r/wallstreetbets, providing regular updates on the investment's performance, including times when the investment had plunged. He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house.<ref name=GillWSJ />

Another user, ''Stonksflyingup'', posted a humorous video on October 27, 2020, explaining how a short position by [[Melvin Capital]] could be used to execute a short squeeze, using a scene from [[Chernobyl (miniseries)|''Chernobyl'']] to illustrate how the hedge fund would blow up similarly to a [[Nuclear meltdown|nuclear reactor]].<ref name="FT Melvin Capital">{{Cite news|last1=Mackenzie|first1=Michael|last2=Fletcher|first2=Laurence|date=February 6, 2021|title=Melvin Capital, GameStop and the road to disaster|work=[[Financial Times]]|url=https://www.ft.com/content/3f6b47f9-70c7-4839-8bb4-6a62f1bd39e0|url-status=live|access-date=February 11, 2021|archive-url=https://web.archive.org/web/20210211113637/https://www.ft.com/content/3f6b47f9-70c7-4839-8bb4-6a62f1bd39e0|archive-date=February 11, 2021}}</ref>

On January 27, 2021, technology news website [[Mashable]] reported that the r/wallstreetbets subreddit had received 73 million page views in 24 hours –– breaking all-time traffic records.<ref>{{Cite web |last=Morse |first=Jack |date=January 27, 2021 |title=Reddit's r/WallStreetBets breaks all-time traffic record as hedge fund bleeds |url=https://mashable.com/article/reddit-wallstreetbets-subreddit-record-traffic-gamestop/ |url-status=live |archive-url=https://web.archive.org/web/20210128230038/https://mashable.com/article/reddit-wallstreetbets-subreddit-record-traffic-gamestop/ |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[Mashable]]}}</ref><!--

--> On January 29, the community surged by 1.5 million users overnight –– to a total of 6 million users –– making it the fastest-growing subreddit at the time.<ref>{{Cite news |last=Ghosh |first=Shona |date=January 29, 2021 |title=Reddit group WallStreetBets hits 6 million users overnight after a wild week of trading antics |work=[[Business Insider]] |url=https://www.businessinsider.com/wallstreetbets-fastest-growing-subreddit-hits-58-million-users-2021-1#:~:text=According%20to%20FrontpageMetrics%2C%20an%20unofficial,Thursday%20with%204.4%20million%20members. |url-status=live |access-date=January 30, 2021 |archive-url=https://web.archive.org/web/20210130044528/https://www.businessinsider.com/wallstreetbets-fastest-growing-subreddit-hits-58-million-users-2021-1#:~:text=According%20to%20FrontpageMetrics%2C%20an%20unofficial,Thursday%20with%204.4%20million%20members. |archive-date=January 30, 2021}}</ref><!--

--> Reddit moderators temporarily closed the subreddit to the public,<ref>{{Cite web |last=Peters |first=Jay |date=January 27, 2021 |title=r/WallStreetBets has been made private' |url=https://www.theverge.com/2021/1/27/22253339/reddit-wallstreetbets-subreddit-private-gamestop |access-date=January 27, 2021 |work=[[The Verge]] |archive-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127235800/https://www.theverge.com/2021/1/27/22253339/reddit-wallstreetbets-subreddit-private-gamestop |url-status=live}}</ref> and [[Discord]] moderators temporarily banned the server for "hateful and discriminatory content."<ref>{{Cite web |last=Morse |first=Jack |date=January 27, 2021 |title=Discord bans WallStreetBets server for 'hateful and discriminatory content' |url=https://mashable.com/article/discord-bans-wallstreetbets-subreddit/ |access-date=January 27, 2021 |publisher=[[Mashable]] |archive-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128000707/https://mashable.com/article/discord-bans-wallstreetbets-subreddit/ |url-status=live}}</ref><!--

===Possible causes===
{{See also|Financial crisis of 2007–2008|Causes of the Great Recession|Economic impact of the COVID-19 pandemic in the United States}}
Suggested factors included anger of some investors towards [[Wall Street]] [[hedge fund]]s for their role in the [[Financial crisis of 2007–2008|financial crisis of 2007 and 2008]],<ref>{{Cite journal |last=Chohan |first=Usman W. |date=January 28, 2021 |title=Counter-Hegemonic Finance: The Gamestop Short Squeeze |url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3775127 |url-status=dead|doi=10.2139/ssrn.3775127 |ssrn=3775127 |archive-url=https://web.archive.org/web/20210129074536/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3775127 |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Social Science Research Network]]|s2cid=233757898 }} </ref><ref name="EsquireHowWallStreetBets" /><ref name="BloombergHowWallStreetBets" /> or the general democratization of the stock market coupled with the ability of [[Financial market participants#retail investors|retail traders]] to communicate instantaneously through [[social media]].<ref name="WSJ 210131">{{Cite news |last=Zweig |first=Jason |date=January 30, 2021 |title=The Real Force Driving the GameStop Revolution |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/the-real-force-driving-the-gamestop-amc-blackberry-revolution-11611965586?mod=hp_lead_pos7 |url-status=dead |access-date=January 30, 2021 |archive-url=https://archive.today/20210130144720/https://www.wsj.com/articles/the-real-force-driving-the-gamestop-amc-blackberry-revolution-11611965586 |archive-date=January 30, 2021}}</ref>

==Timeline==
{|class="wikitable sortable plainrowheaders floatright" style="text-align:right;"
|+GameStop Corp. ({{NYSE link|GME}}) closing share price<ref name="NYSE" />
!scope="col" rowspan=2| Day
!scope="col" rowspan=2| Price (USD)
!scope="col" colspan=2| Change
!scope="col" rowspan=2| Volume
|-
!scope="col"| Net
!scope="col"| {{abbr|%|Percentage change relative to previous day of trading}}
|-
!scope="row"| January 11
|19.94
| +2.25
| +12.72%
| 14,927,612
|-
!scope="row"| January 12
|19.95
| +0.01
| +0.05%
| 7,060,665
|-
!scope="row"| January 13
|31.40
| +11.45
| +57.39%
| 144,501,736
|-
!scope="row"| January 14
|39.91
| +8.51
| +27.10%
| 93,717,410
|-
!scope="row"| January 15
|35.50
| −4.41
| −11.05%
| 46,866,358
|-
!scope="row"| January 19
|39.36
| +3.86
| +10.87%
| 74,721,924
|-
!scope="row"| January 20
|39.12
| −0.24
| −0.61%
| 33,471,789
|-
!scope="row"| January 21
|43.03
| +3.91 
| +9.99%
| 57,079,754
|-
!scope="row"| January 22
|65.01
| +21.98 
| +51.08%
| 197,157,946
|-
!scope="row"| January 25
|76.79
| +11.78 
| +18.12%
| 177,874,000
|-
!scope="row"| January 26
|147.98
| +71.19 
| +92.71%
| 178,587,974
|-
!scope="row"| January 27
|347.51
| +199.53 
| +134.84%
| 93,396,666
|-
!scope="row"| January 28
|193.60
| −153.91
| −44.29%
| 58,815,805
|-
!scope="row"| January 29
|325.00
| +131.40
| +67.87%
| 50,566,055
|-
!scope="row"| February 1
|225.00
| −100.00
| −30.77%
| 37,382,152
|-
!scope="row"| February 2
| 90.00
| −135.00
| −60.00%
| 78,183,071
|-
!scope="row"| February 3
| 92.41
| +2.41
| +2.68%
| 42,698,511
|-
!scope="row"| February 4
| 53.50
| −38.91
| −42.11%
| 62,427,275
|-
!scope="row"| February 5
| 63.77
| +10.27
| +19.20%
| 81,345,013
|}
-->

===Rise in stock price and volume===
In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a [[short squeeze]] on [[GameStop]], pushing up the stock price significantly.<ref name="yun li"/> This occurred shortly after a comment from [[Citron Research]] predicting the value of the stock would decrease.<ref name="VergeGameStophalts">{{Cite web |last=Lyons |first=Kim |date=January 22, 2021 |title=GameStop stock halts trading after Reddit drama |url=https://www.theverge.com/2021/1/22/22244900/game-stop-stock-halted-trading-volatility |url-status=live |archive-url=https://web.archive.org/web/20210124184432/https://www.theverge.com/2021/1/22/22244900/game-stop-stock-halted-trading-volatility |archive-date=January 24, 2021 |access-date=January 25, 2021 |website=[[The Verge]] |language=en}}</ref> On January 11, the stock jumped following the announcement that activist investor and Chewy co-founder and former CEO Ryan Cohen was joining GameStop’s board, a move that was interpreted as positive for the gaming retailer.<ref name="VoxGameStopExplosion"/><ref name="yun li"/> The stock price increased 1,500 percent by January 27 over the course of two weeks, and its high [[Volatility (finance)|volatility]] caused trading to be halted multiple times.<ref name="yun li" /><ref name="MarketWatchStockRockets">{{Cite news |last=Kilgore |first=Tomi |date=January 25, 2021 |title=GameStop's stock rockets again in volatile trading, while company has not released news or commented |work=[[MarketWatch]] |url=https://www.marketwatch.com/story/gamestops-stock-rockets-again-in-volatile-trading-while-company-has-not-released-news-or-commented-2021-01-25 |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210126204931/https://www.marketwatch.com/story/gamestops-stock-rockets-again-in-volatile-trading-while-company-has-not-released-news-or-commented-2021-01-25 |archive-date=January 26, 2021}}</ref> According to [[Dow Jones & Company|Dow Jones]] market data, more than 175 million shares of GameStop were traded on January 25, the second largest total in a single day, surpassing its 30-day average volume of 29.8 million shares.<ref name="WSJMelvinBillion">{{Cite news |last=Wallace |first=Joe |date=January 25, 2021 |title=GameStop Stock Jumps to New Record |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |url-status=dead |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127153034/https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |archive-date=January 27, 2021 |issn=0099-9660}}</ref> Some of those investing into the stock were young teenage investors.<ref>{{Cite news |last=Otani |first=Akane |date=February 5, 2021 |title=Teens Are Gambling Their Savings on GameStop Stock. Their Parents Are Worried |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/teens-are-gambling-their-savings-on-gamestop-stock-their-parents-are-worried-11612540818?mod=hp_lead_pos13 |url-status=live |access-date=February 5, 2021 |archive-url=https://web.archive.org/web/20210206143027/https://www.wsj.com/articles/teens-are-gambling-their-savings-on-gamestop-stock-their-parents-are-worried-11612540818?mod=hp_lead_pos13 |archive-date=February 6, 2021}}</ref>

Later analysis by a [[Computer security|cyber security]] company of social media posts suggested that thousands of automated [[Internet bot|bots]] may have hyped GameStop stock, [[Dogecoin]], and other stocks, on social media.<ref>{{Cite news|last=Murphy|first=Margi|date=February 26, 2021|title=Securities watchdog suspends trading for 15 stocks after 'suspicious social media activity'|work=[[The Daily Telegraph]]|url=https://www.telegraph.co.uk/technology/2021/02/26/securities-watchdog-suspends-trading-15-stocks-suspicious-social/|url-status=live|archive-url=https://web.archive.org/web/20210226210827/https://www.telegraph.co.uk/technology/2021/02/26/securities-watchdog-suspends-trading-15-stocks-suspicious-social/|archive-date=February 26, 2021}}</ref><ref name=":4">{{Cite news|last=Price|first=Michelle|date=February 26, 2021|title=Bots hyped up GameStop on major social media platforms, analysis finds|work=[[Reuters]]|url=https://www.reuters.com/article/us-retail-trading-gamestop-robots-idUSKBN2AQ2BH|url-status=live|access-date=February 27, 2021|archive-url=https://web.archive.org/web/20210227024543/https://www.reuters.com/article/us-retail-trading-gamestop-robots-idUSKBN2AQ2BH|archive-date=February 27, 2021}}</ref> However, it is unclear the extent to which the suspected bot accounts influenced trading.<ref name=":4" />

{{Tweet|name=[[Elon Musk]]|width=330px|username=elonmusk|left=yes|image=Elon Musk Royal Society (crop1).jpg|date=Jan 26, 2021|text=Gamestonk!! https://www.reddit.com/r/wallstreetbets/|ID=1354174279894642703|reference=<ref>{{Cite news |last1=Zhou |first1=Naaman |last2=Hepworth |first2=Shelley |date=January 28, 2021 |title=What is GameStop, where do the memes come in, and who is winning or losing? |language=en |work=[[The Guardian]] |url=https://www.theguardian.com/culture/2021/jan/28/what-is-gamestop-where-do-the-memes-come-in-and-who-is-winning-or-losing |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210128173037/https://www.theguardian.com/culture/2021/jan/28/what-is-gamestop-where-do-the-memes-come-in-and-who-is-winning-or-losing |archive-date=January 28, 2021}}</ref>}}
After GameStop's stock closed up 92.7 percent on January 26, business magnate [[Elon Musk]] tweeted "Gamestonk!!"{{efn|''[[wiktionary:stonk|Stonk]]'' is a humorous alteration of ''stock'' popular in [[Internet slang]].<ref>{{Cite news |last=Weissmann |first=Jordan |date=January 28, 2021 |title=What We Talk About When We Talk About Stonks |language=en |work=[[Slate (magazine)|Slate]] |url=https://slate.com/business/2021/01/stonks-not-stocks-got-it.html |url-status=live |access-date=February 2, 2021 |archive-url=https://web.archive.org/web/20210201223015/https://slate.com/business/2021/01/stonks-not-stocks-got-it.html |archive-date=February 1, 2021}}</ref>}}—a reference to the [[Meme Man|"stonks" meme]] rising in popularity at the time—along with a link to the r/wallstreetbets subreddit.<ref name="CNBCMuskTweets">{{Cite web |last=Bursztynsky |first=Jessica |date=January 26, 2021 |title=GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock |url=https://www.cnbc.com/2021/01/26/gamestop-jumps-as-elon-musk-tweets-out-reddit-board-thats-hyping-stock.html |url-status=live |archive-url=https://web.archive.org/web/20210127163553/https://www.cnbc.com/2021/01/26/gamestop-jumps-as-elon-musk-tweets-out-reddit-board-thats-hyping-stock.html |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[CNBC]] |language=en}}</ref> A brief, sharp rise in the share price to over $200 followed Musk's tweet.<ref>{{Cite web |last=Morrow |first=Allison |date=January 28, 2021 |title=Elon Musk tweet fuels frenzied GameStop surge |url=https://www.cnn.com/2021/01/26/investing/gamestop-stock-elon-musk-reddit/index.html |url-status=live |archive-url=https://web.archive.org/web/20210128214736/https://www.cnn.com/2021/01/26/investing/gamestop-stock-elon-musk-reddit/index.html |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[CNN]]}}</ref> {{As of|2021|1|28|df=us}}, the all-time highest intraday stock price for GameStop was $483.00 (nearly 190 times the low of $2.57 reached 9 months earlier in April 2020).<ref name="GoogleFinanceGMEPrice">{{Cite web |title=GameStop Corp. (GME : NYSE) Stock Price & News |url=https://www.google.com/finance/quote/GME:NYSE |url-status=live |archive-url=https://web.archive.org/web/20210128083747/https://www.google.com/finance/quote/GME:NYSE |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Google Finance]]}}</ref> In [[extended-hours trading|pre-market trading hours]] the same day, it briefly hit over $500, up from $17.25 at the start of the month.<ref>{{Cite web|last=Kollewe|first=Julia|date=January 28, 2021|title=Wall Street rises despite weak GDP data; GameStop frenzy continues – as it happened|url=https://www.theguardian.com/business/live/2021/jan/28/gamestop-share-surge-sparks-concerns-stock-markets-slide-again-business-live|url-status=live|archive-url=https://web.archive.org/web/20210206143026/https://www.theguardian.com/business/live/2021/jan/28/gamestop-share-surge-sparks-concerns-stock-markets-slide-again-business-live|archive-date=February 6, 2021|access-date=February 2, 2021|website=[[The Guardian]]|quote=GameStop shares have surged in recent days and went above $500 briefly in pre-market trading today.}}</ref><ref name="GoogleFinanceGMEPrice" />

The r/wallstreetbets [[Discord (software)|Discord]] server was [[banned]] on January 27 for violating the company's restrictions on [[hate speech]].<ref name="DiscordBan">{{Cite web |last=Peters |first=Jay |date=January 27, 2021 |title=Discord bans the r/WallStreetBets server, but new ones have sprung to life |url=https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server |url-status=live |archive-url=https://web.archive.org/web/20210130203945/https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server |archive-date=January 30, 2021 |access-date=January 31, 2021 |website=[[The Verge]]}}</ref> However, users quickly formed similar servers on the application,<ref name=DiscordBan /> and Discord reversed its decision the next day, attempting to help the community moderate its server instead.<ref>{{Cite web |last=Warren |first=Tom |date=January 28, 2021 |title=Discord is no longer banning r/WallStreetBets — it's helping them |url=https://www.theverge.com/2021/1/28/22254339/discord-r-wallstreetbets-server-help-moderation-ban |url-status=live |archive-url=https://web.archive.org/web/20210129002110/https://www.theverge.com/2021/1/28/22254339/discord-r-wallstreetbets-server-help-moderation-ban |archive-date=January 29, 2021 |access-date=January 31, 2021 |website=[[The Verge]]}}</ref>

On January 27, r/wallstreetbets triggered a short squeeze on [[AMC Theatres]] (ticker symbol: AMC), a company in a similar position to GameStop.<ref name="VergeTurnsToAMC">{{Cite web |last=Warren |first=Tom |date=January 27, 2021 |title=Reddit's GameStop traders turn their attention to AMC stock |url=https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop |url-status=live |archive-url=https://web.archive.org/web/20210127143428/https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[The Verge]] |language=en}}</ref> The value of [[AMC Networks]] (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's.<ref name="TheWeekConfusedAMCX" /> Disruptions and restrictions limiting trade have been reported on multiple [[broker]]ages such as [[Charles Schwab Corporation]], its subsidiary [[TD Ameritrade]], and [[Robinhood (company)|Robinhood]].<ref name="MarketWatchDisruptions">{{Cite web |last=Goldstein |first=Steve |title=Disruptions reported at multiple brokerages as GameStop, AMC surge |url=https://www.marketwatch.com/story/disruptions-reported-at-multiple-brokerages-as-gamestop-amc-surge-2021-01-27 |url-status=live |archive-url=https://web.archive.org/web/20210127154050/https://www.marketwatch.com/story/disruptions-reported-at-multiple-brokerages-as-gamestop-amc-surge-2021-01-27 |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[MarketWatch]] |date=January 27, 2021 |language=en-US}}</ref><ref name="NYTLimitingTrades">{{Cite news |last1=Friedman |first1=Gilliam |last2=Siegel Bernard |first2=Tara |date=January 27, 2021 |title=Trading platforms are limiting trades of GameStop and other companies. |work=[[The New York Times]] |url=https://www.nytimes.com/2021/01/27/business/gamestop-td-ameritrade-robinhood.html |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210127231230/https://www.nytimes.com/2021/01/27/business/gamestop-td-ameritrade-robinhood.html |archive-date=January 27, 2021}}</ref> According to [[Bloomberg L.P.|Bloomberg]], U.S. trading volumes (by share count) on January 27 exceeded the peak set in October 2008 during the [[Financial crisis of 2007–2008|financial crisis]], and was the third-highest in dollar terms within the last 13 years on record.<ref name="FTRedditBattle">{{Cite news |date=January 28, 2021 |title=US stock trading volumes soar past 2008 peak in Reddit battle |work=[[Financial Times]] |url=https://www.ft.com/content/56658052-76fe-4910-8cb7-810039753f7c |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203750/https://www.ft.com/content/56658052-76fe-4910-8cb7-810039753f7c |archive-date=January 28, 2021}}</ref>

On January 28, more than 1 million GameStop shares, then worth $359 million, were deemed [[Fail to deliver|failed-to-deliver]].<ref name="Bloomberg SEC Data Show">{{cite news|last1=Kochkodin|first1=Brandon|date=February 17, 2021|title=SEC Data Show $359 Million of GameStop Shares Failed to Deliver|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-02-17/sec-data-show-359-million-of-gamestop-shares-failed-to-deliver|url-status=live|access-date=18 February 2021|archive-url=https://web.archive.org/web/20210219045118/https://www.bloomberg.com/news/articles/2021-02-17/sec-data-show-359-million-of-gamestop-shares-failed-to-deliver|archive-date=February 19, 2021}}</ref> On that day, GameStop's total [[market cap]] reached $33.7 billion which made it temporarily the highest valued company on the [[Russell 2000 Index|Russell 2000 index]].<ref name=LipschultzRaider>{{Cite news|last=Lipschultz|first=Bailey|date=March 8, 2021|title='Reddit Raider' Favorite GameStop Soars on Latest Cohen Push|work=Yahoo News|agency=Bloomberg|url=https://finance.yahoo.com/news/gamestop-mania-returns-chewy-cohen-175436958.html?.tsrc=rss|url-status=dead|access-date=March 9, 2021|archive-date=March 11, 2021|archive-url=https://web.archive.org/web/20210311170452/https://finance.yahoo.com/news/gamestop-mania-returns-chewy-cohen-175436958.html?.tsrc=rss}}</ref>

According to the ''Financial Times'', a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing [[call option]]s, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher.<ref name="FT Q&A: A basic guide">{{cite news |last1=Armstrong |first1=Robert |title=Q&A: A basic guide to the GameStop squeeze |url=https://www.ft.com/content/f2929fcc-cc62-4d20-8397-2040ce3f595e |access-date=30 March 2021 |work=[[Financial Times]] |date=January 29, 2021 |archive-date=February 20, 2021 |archive-url=https://web.archive.org/web/20210220235847/https://www.ft.com/content/f2929fcc-cc62-4d20-8397-2040ce3f595e |url-status=live }}</ref>

===Halting of stock purchases ===
On January 28, Robinhood halted purchases of GameStop, AMC Theatres, [[BlackBerry Limited]], [[Nokia|Nokia Corporation]], and other volatile stocks from its trading platform; customers could no longer open new positions in the stock, although they could still close them.<ref name="AutoFB-6">{{Cite web |last=Winck |first=Ben |title=Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies |url=https://www.msn.com/en-us/money/topstocks/robinhood-clients-say-platform-has-removed-gamestop-and-amc-and-is-only-allowing-holders-to-sell/ar-BB1daWJS |url-status=live |archive-url=https://web.archive.org/web/20210128145255/https://www.msn.com/en-us/money/topstocks/robinhood-clients-say-platform-has-removed-gamestop-and-amc-and-is-only-allowing-holders-to-sell/ar-BB1daWJS |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Business Insider]]}}</ref> Other brokerages soon followed suit. Many traders were furious, and called for class-action lawsuits in multiple popular Reddit posts.<ref name="HillRobinHoodClassAction">{{Cite web |last=Mills Rodrigo |first=Chris |date=January 28, 2021 |title=Robinhood restricts trading of companies targeted by Reddit users |url=https://thehill.com/policy/technology/536272-robinhood-restricts-trading-on-companies-targeted-by-reddit-users/ |url-status=live |archive-url=https://web.archive.org/web/20210128203751/https://thehill.com/policy/technology/536272-robinhood-restricts-trading-on-companies-targeted-by-reddit-users |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Hill (newspaper)|The Hill]] |language=en}}</ref> 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.<ref>{{Cite web |title=An Update on Market Volatility |url=https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility |url-status=live |archive-url=https://web.archive.org/web/20210128213936/https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=Under the Hood|date=January 28, 2021 }}</ref> Trading platforms such as UK-based Trading212 and Israel-based [[eToro]] blocked buys of GameStop and other stock while continuing to allow sales.<ref name="Auto9F-2">{{Cite news |last=Brennan |first=Harry |date=January 28, 2021 |title=Brokers block Reddit traders from buying GameStop amid market frenzy |language=en |work=[[The Daily Telegraph|The Telegraph]] |url=https://www.telegraph.co.uk/investing/news/brokers-block-reddit-traders-buying-gamestop-amid-market-frenzy/ |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203754/https://www.telegraph.co.uk/investing/news/brokers-block-reddit-traders-buying-gamestop-amid-market-frenzy/ |archive-date=January 28, 2021}}</ref> [[Webull]] halted buy orders for stocks affected by the squeeze,<ref>{{Cite web |last=Crowley |first=James |date=January 28, 2021 |title=Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform |url=https://www.newsweek.com/webull-blocks-gamestop-amc-transactions-stock-market-robinhood-1565172 |url-status=live |archive-url=https://web.archive.org/web/20210128172109/https://www.newsweek.com/webull-blocks-gamestop-amc-transactions-stock-market-robinhood-1565172 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Newsweek]] |language=en}}</ref> but soon thereafter allowed orders to continue.<ref>{{Cite web |date=January 28, 2020 |title=Update: GME, AMC, and KOSS are no longer restricted. |url=https://twitter.com/WebullGlobal/status/1354875836810342400 |url-status=live |archive-url=https://web.archive.org/web/20210129040716/https://pbs.twimg.com/hashflag/config-2021-01-29-04.json |archive-date=January 29, 2021 |website=Twitter}}</ref> Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their [[Clearing (finance)#Securities and derivatives clearing|clearing]] house meant Webull themselves were restricted from opening new positions.<ref>{{Cite news |last=McCabe |first=Caitlin |date=January 28, 2021 |title=GameStop Trading Restrictions Blamed on Wall Street's Clearing Firm by Online Broker |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-trading-restrictions-blamed-on-wall-streets-clearing-firm-by-online-broker-11611867105 |url-status=dead |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129040711/https://www.wsj.com/articles/gamestop-trading-restrictions-blamed-on-wall-streets-clearing-firm-by-online-broker-11611867105 |archive-date=January 29, 2021 |issn=0099-9660}}</ref> Some users alleged that Robinhood was selling shares without consent; Robinhood denied these allegations.<ref>{{Cite web |last=Kastrenakes |first=Jacob |date=January 28, 2021 |title=Robinhood denies claims that it sold GameStop shares out from under its traders |url=https://www.theverge.com/2021/1/28/22254857/robinhood-gamestop-amc-shares-sold-surprised-users |url-status=live |archive-url=https://web.archive.org/web/20210129012844/https://www.theverge.com/2021/1/28/22254857/robinhood-gamestop-amc-shares-sold-surprised-users |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[The Verge]]}}</ref>

Several brokerage firms, including Robinhood, stated on January 29 that the restrictions were the result of clearing houses raising the required [[collateral (finance)|collateral]] for executing trades.<ref name="FT 210129">{{Cite news |last=Mackenzie |first=Michael |display-authors=etal |date=January 29, 2021 |title=Robinhood raises $1bn from investors and taps banks at end of wild week |work=[[Financial Times]] |url=https://www.ft.com/content/9a1b24e6-0433-462a-a860-c2504ea565e4 |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129005126/https://www.ft.com/content/9a1b24e6-0433-462a-a860-c2504ea565e4 |archive-date=January 29, 2021}}</ref><ref name="WSJ 210129">{{Cite news |last=Rudegeair |first=Peter |date=January 29, 2021 |title=Robinhood Raises $1 Billion to Meet Surging Cash Demands |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/robinhood-raises-1-billion-to-meet-surging-cash-demands-11611928504?page=1 |url-status=dead |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210130044554/https://www.wsj.com/articles/robinhood-raises-1-billion-to-meet-surging-cash-demands-11611928504?page=1 |archive-date=January 30, 2021}}</ref><ref name="Bloom 210129">{{Cite news |last=Massa |first=Annie |display-authors=etal |date=January 29, 2021 |title=Robinhood Fallout Sweeps Market After $1 Billion Lifeline |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-29/for-robinhood-a-dash-for-cash-after-traders-took-on-wall-street |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129082101/https://www.bloomberg.com/news/articles/2021-01-29/for-robinhood-a-dash-for-cash-after-traders-took-on-wall-street |archive-date=January 29, 2021}}</ref> Because there is [[Settlement (finance)#Settlement period|a lag]] (at the time, two days) between the moment when investors purchase a security and the moment cash and securities are actually exchanged, brokerage firms have to post collateral at clearing houses to guarantee the proper settlement of their clients' orders.<ref name="cnbc-fitzgerald">{{Cite web|last=Fitzgerald|first=Maggie|date=2021-01-28|title=Robinhood restricts trading in GameStop, other names involved in frenzy|url=https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html|access-date=2021-02-18|website=CNBC|language=en|archive-date=January 29, 2021|archive-url=https://web.archive.org/web/20210129003245/https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html|url-status=live}}</ref><ref name="WSJ 210129" /><ref name="WSJ 210208">{{Cite news |last=Osipovitch |first=Alexander |date=February 8, 2021 |title=Robinhood's GameStop Debacle Spurs Calls to Modernize Stock Clearing |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/robinhoods-gamestop-debacle-spurs-calls-to-modernize-stock-clearing-11612780200?page=2 |access-date=February 11, 2021 |archive-date=August 9, 2021 |archive-url=https://web.archive.org/web/20210809191121/https://www.wsj.com/articles/robinhoods-gamestop-debacle-spurs-calls-to-modernize-stock-clearing-11612780200?page=2 |url-status=live }}</ref>  Clearing houses include the [[Depository Trust & Clearing Corporation]] (DTCC) for equities and the [[Options Clearing Corporation]] (OCC) for options.<ref name="FT 210129" /> Clearing houses must have enough collateral on hand to [[Central counterparty clearing|settle a member's outstanding transactions]] in the event any particular member firm fails—to prevent [[Cascades in financial networks|cascading failures of other members]]—and can demand additional collateral (i.e., [[margin call]]s) from members if market [[Volatility (finance)|volatility]] starts to increase.<ref name="Regan">{{Cite news |last=Regan |first=Michael P. |date=January 29, 2021 |title=Why Robinhood and Other Brokerages Restricted Trading This Week |url=https://www.bloomberg.com/news/articles/2021-01-29/clearing-firms-prevent-cascading-failures-q-a-with-larry-tabb |url-status=live |archive-url=https://web.archive.org/web/20210131113107/https://www.bloomberg.com/news/articles/2021-01-29/clearing-firms-prevent-cascading-failures-q-a-with-larry-tabb |archive-date=January 31, 2021 |access-date=January 31, 2021 |website=[[Bloomberg News]]}}</ref><ref name="WSJ 210208" /> Brokerage firms claimed that the increased collateral could not be provided in time, and, as a result, trading had to be halted.<ref name="FT 210129" /><ref name="WSJ 210129" /><ref name="Bloom 210129" /> The DTCC, for instance, increased the total industrywide collateral requirements from $26 billion to $33.5 billion,<ref name="FT 210129B">{{Cite news |last=Mackenzie |first=Michael |display-authors=etal |date=January 29, 2021 |title=Robinhood tightens GameStop trading curbs again as SEC weighs in |work=[[Financial Times]] |url=https://www.ft.com/content/c5a85213-ca41-438d-9087-ff78791eabff |url-status=live |access-date=January 30, 2021 |archive-url=https://web.archive.org/web/20210129204349/https://www.ft.com/content/c5a85213-ca41-438d-9087-ff78791eabff |archive-date=January 29, 2021}}</ref> noting that the large trading volumes in specific stocks "generated substantial risk exposures at firms that clear these trades [...] particularly if the clearing member or its clients are predominantly on one side of the market".<ref name="FT 210129B" /> On January 29, it was reported that Robinhood had raised an additional $1 billion to protect the company from the financial pressure placed by the increased interest in particular stocks and meet the collateral requirements of clearing houses.<ref name="NYT 210129">{{Cite news |last=Kelly |first=Kate |display-authors=etal |date=January 29, 2021 |title=Robinhood, in Need of Cash, Raises $1 Billion From Its Investors |work=[[The New York Times]] |url=https://www.nytimes.com/2021/01/29/technology/robinhood-fundraising.html |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129055625/https://www.nytimes.com/2021/01/29/technology/robinhood-fundraising.html |archive-date=January 29, 2021}}</ref><ref>{{Cite web |last=Egan |first=Matt |title=Robinhood gets $1 billion infusion, signaling cash crunch |url=https://www.cnn.com/2021/01/29/investing/robinhood-gamestop-reddit/index.html |url-status=live |archive-url=https://web.archive.org/web/20210129132059/https://www.cnn.com/2021/01/29/investing/robinhood-gamestop-reddit/index.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[CNN]]|date=January 29, 2021 }}</ref>

As of January 29, Robinhood was still imposing limits on the trading of GameStop, AMC, and Blackberry stocks.<ref name="FT 210129B" /> On January 30, Robinhood announced it had added purchase restrictions to 50 securities, including companies such as [[Rolls-Royce Holdings]] and [[Starbucks|Starbucks Corporation]].<ref>{{Cite web |last=Conklin |first=Audrey |date=January 30, 2021 |title=Robinhood expands trading restrictions to 50 stocks |url=https://www.foxbusiness.com/markets/robinhood-expands-trading-restrictions |url-status=live |archive-url=https://web.archive.org/web/20210130192957/https://www.foxbusiness.com/markets/robinhood-expands-trading-restrictions |archive-date=January 30, 2021 |access-date=January 31, 2021 |website=[[Fox Business]]}}</ref> However, on January 31, Robinhood announced it had removed several of these restrictions and would only limit purchases of eight securities.<ref>{{Cite news |last=Yang |first=Yueqi |date=January 31, 2021 |title=Robinhood Narrows Trading Restrictions to Eight Companies |url=https://www.bloomberg.com/news/articles/2021-01-31/robinhood-narrows-trading-restrictions-to-8-companies-from-50 |url-status=live |archive-url=https://web.archive.org/web/20210201102336/https://www.bloomberg.com/news/articles/2021-01-31/robinhood-narrows-trading-restrictions-to-8-companies-from-50 |archive-date=February 1, 2021 |access-date=January 31, 2021 |website=[[Bloomberg News]]}}</ref>

===Decline in value===

On February 1 and 2, the stock price for GameStop declined substantially, losing more than 80 percent of its value from its intraday peak price, recorded during the previous week. GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week.<ref name="FT 210202">{{Cite news |last=Platt |first=Eric |display-authors=etal |date=February 2, 2021 |title=GameStop shares plunge as Reddit rally deflates |work=[[Financial Times]] |url=https://www.ft.com/content/1be70d9a-91d5-4cbb-a174-37d7b52b6af2 |url-status=live |access-date=February 2, 2021 |archive-url=https://web.archive.org/web/20210202155350/https://www.ft.com/content/1be70d9a-91d5-4cbb-a174-37d7b52b6af2 |archive-date=February 2, 2021}}</ref><ref name="Bloom 210202">{{Cite news |last=Lipschultz |first=Bailey |date=February 2, 2021 |title=GameStop Rout Erases $27 Billion as Reddit Favorites Lose Steam |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-02-02/gamestop-extends-pullback-with-short-interest-and-volume-sinking |url-status=live |access-date=February 2, 2021 |archive-url=https://web.archive.org/web/20210202092602/https://www.bloomberg.com/news/articles/2021-02-02/gamestop-extends-pullback-with-short-interest-and-volume-sinking |archive-date=February 2, 2021}}</ref> Reports estimated that about $27 billion in value had been erased.<ref name="Bloom 210202" /><ref name="NYT 210202">{{Cite news |last=Phillips |first=Matt |display-authors=etal |date=February 2, 2021 |title=Plunging GameStop Stock Tests the Will of Investors to Stick With the Ride |work=[[The New York Times]] |url=https://www.nytimes.com/2021/02/02/business/gamestop-investors-plunging-shares.html |url-status=live |access-date=February 3, 2021 |archive-url=https://web.archive.org/web/20210203073438/https://www.nytimes.com/2021/02/02/business/gamestop-investors-plunging-shares.html |archive-date=February 3, 2021}}</ref> Other assets affected by the short squeeze and put under company trading restrictions, such as [[AMC Theatres|AMC]] and [[BlackBerry Limited|Blackberry]] shares, also declined in value. [[CNN]] reported that the drop was partly due to restrictions imposed by Robinhood and other brokers on the number of shares that could be purchased at once by their clients.<ref>{{Cite web |last=La Monica |first=Paul R. |date=February 2, 2021 |title=GameStop stock is plummeting but the Reddit rebellion is just beginning |url=https://www.cnn.com/2021/02/02/investing/gamestop-stocks-investing/index.html |url-status=live |archive-url=https://web.archive.org/web/20210202194516/https://www.cnn.com/2021/02/02/investing/gamestop-stocks-investing/index.html |archive-date=February 2, 2021 |access-date=February 2, 2021 |website=[[CNN]]}}</ref> The short squeezed securities' prices continued to decline during the week.<ref name="WSJ A week inside" />

Despite the decline, some r/wallstreetbets users rallied to convince other users to hold on to the shares, arguing either that they would increase in value or that such an action would send a political message.<ref name="WSJ A week inside">{{Cite news |last=McCabe |first=Caitlin |date=February 13, 2021 |title=A Week Inside the WallStreetBets Forum That Launched the GameStop Frenzy |work=The Wall Street Journal |url=https://www.wsj.com/articles/a-week-inside-the-wallstreetbets-forum-that-launched-the-gamestop-frenzy-11613212202?page=1 |access-date=15 February 2021 |archive-date=March 2, 2021 |archive-url=https://web.archive.org/web/20210302112639/https://www.wsj.com/articles/a-week-inside-the-wallstreetbets-forum-that-launched-the-gamestop-frenzy-11613212202?page=1 |url-status=live }}</ref><ref name="FT 210205">{{Cite news |last=Darbyshire |first=Madison |display-authors=etal |date=February 5, 2021 |title='Moment of weakness': Amateur investors left counting GameStop losses |work=[[Financial Times]] |url=https://www.ft.com/content/04e6c524-389b-47fc-afaa-eb52c1e76048 |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210207184551/https://www.ft.com/content/04e6c524-389b-47fc-afaa-eb52c1e76048 |archive-date=February 7, 2021 |url-status=live }}</ref> As the stock prices continued to decline, some of the recent investors held on to their shares, and [[#Losses by retail investors|suffered significant losses]].<ref name="FT 210205" /><ref name="Bloom 210202B" /><ref name="NYT The Hopes That Rose and Fell With GameStop" />

=== Resurgence from February 24 ===
On February 24, GameStop share prices doubled in heavy volume in the final 90 minutes of trading, with the company's stock halting twice, shortly before closing at $91.70, a 104-percent gain. Gains continued in after-hours trading, nearing an additional 100 percent.<ref name=":1">{{Cite web|last1=Platt|first1=Eric|last2=Kasumov|first2=Aziza|date=25 February 2021|title=GameStop shares double in final 90 minutes of trading day|url=https://www.ft.com/content/50eaa1b5-d244-4b3e-b460-736828c049cd|url-status=live|access-date=2021-02-25|website=www.ft.com|archive-date=February 25, 2021|archive-url=https://web.archive.org/web/20210225011538/https://www.ft.com/content/50eaa1b5-d244-4b3e-b460-736828c049cd}}</ref><ref name=":2">{{Cite news|last=Banerji|first=Caitlin McCabe and Gunjan|date=2021-02-25|title=GameStop Shares Soar in Last Hour of Trading|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/gamestop-shares-more-than-double-in-last-hour-of-trading-11614204788|access-date=2021-02-25|issn=0099-9660|archive-date=February 25, 2021|archive-url=https://web.archive.org/web/20210225002928/https://www.wsj.com/articles/gamestop-shares-more-than-double-in-last-hour-of-trading-11614204788|url-status=live}}</ref><ref name=":3">{{Cite web|last=Duffy|first=Clare|title=GameStop shares surge more than 100%|url=https://www.cnn.com/2021/02/24/investing/gamestop-shares-climbing-again/index.html|access-date=2021-02-25|website=[[CNN]]|date=February 24, 2021 |archive-date=February 25, 2021|archive-url=https://web.archive.org/web/20210225014400/https://www.cnn.com/2021/02/24/investing/gamestop-shares-climbing-again/index.html|url-status=live}}</ref> Similar gains, although not as high, were reported with cinema operator [[AMC Theatres|AMC]], clothing retailer [[Express, Inc.|Express]] and communications software group BlackBerry.<ref name=":1" /> Reports could not identify a specific cause for the surge.<ref name=":2" /><ref name="WSJ GameStop, Other Meme">{{cite news |last1=McCabe |first1=Caitlin |last2=Banerji |first2=Gunjan |title=GameStop, Other Meme Stocks Leap |url=https://www.wsj.com/articles/gamestop-other-meme-stocks-leap-premarket-11614259399?page=1 |access-date=25 February 2021 |work=The Wall Street Journal |date=February 25, 2021 |archive-date=March 2, 2021 |archive-url=https://web.archive.org/web/20210302112640/https://www.wsj.com/articles/gamestop-other-meme-stocks-leap-premarket-11614259399?page=1 |url-status=live }}</ref><ref name="Bloomberg Reddit-Driven">{{cite news |last1=Lipschultz |first1=Bailey |last2=Jarvis |first2=Paul |title=GameStop's Reddit-Driven Roller-Coaster Rages On as Volume Soars |url=https://www.bloomberg.com/news/articles/2021-02-25/gamestop-resurgence-extends-as-meme-stock-mania-kicks-up-anew |access-date=25 February 2021 |work=Bloomberg |date=February 25, 2021 |archive-date=February 25, 2021 |archive-url=https://web.archive.org/web/20210225190058/https://www.bloomberg.com/news/articles/2021-02-25/gamestop-resurgence-extends-as-meme-stock-mania-kicks-up-anew |url-status=live }}</ref> The jump came a day after GameStop announced its [[chief financial officer]] Jim Bell would resign to help 'accelerate GameStop's transformation'.<ref name=":3" />

On March 8, the stock surged 41 percent to $194.50, following GameStop's announcement that Ryan Cohen would lead a new committee to help the company's transition to e-commerce. Around 25 percent of the stocks remained shorted at the time.<ref name=LipschultzRaider /> On March 9, the stock surged to its highest point since January, resulting in a market capitalization over $17 billion. Shares closed at $246.90, and increased a further 3 percent in after-hours trading.<ref>{{Cite web|last=Murphy|first=Mike|title=GameStop stock surges to highest point since January, market cap tops $17 billion|url=https://www.marketwatch.com/story/gamestop-stock-surges-to-highest-point-since-january-market-cap-tops-17-billion-11615337376|access-date=2021-03-10|website=MarketWatch|date=March 10, 2021 |language=en-US|archive-date=March 10, 2021|archive-url=https://web.archive.org/web/20210310085341/https://www.marketwatch.com/story/gamestop-stock-surges-to-highest-point-since-january-market-cap-tops-17-billion-11615337376|url-status=live}}</ref> On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close.<ref>{{Cite web|last=Pound|first=Jesse|date=2021-03-10|title=GameStop drops by 40% in 25 minutes|url=https://www.cnbc.com/2021/03/10/gamestop-surges-40percent-then-wipes-out-gain-completely-and-is-halted-again.html|access-date=2021-03-10|website=CNBC|language=en|archive-date=March 11, 2021|archive-url=https://web.archive.org/web/20210311170447/https://www.cnbc.com/2021/03/10/gamestop-surges-40percent-then-wipes-out-gain-completely-and-is-halted-again.html|url-status=live}}</ref>

On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering worth up to $1 billion.<ref>{{cite news |url=https://www.reuters.com/article/us-gamestop-stocks-idUSKBN2BG1E7 |title=GameStop tumbles 34% as Reddit darling mulls share sale |website=[[Reuters]] |first1=Munsif |last1=Vengattil |first2=Akanksha |last2=Rana |date=March 24, 2021 |access-date=March 24, 2021 |archive-date=March 24, 2021 |archive-url=https://web.archive.org/web/20210324172914/https://www.reuters.com/article/us-gamestop-stocks-idUSKBN2BG1E7 |url-status=live }}</ref><ref name="FT GameStop shares fall">{{cite news |last1=Cumbo |first1=Josephine |title=GameStop shares fall after it announces plan to sell up to $1bn in stock |url=https://www.ft.com/content/ddc11198-f162-484c-9131-a7a0b0346178 |access-date=26 April 2021 |work=[[Financial Times]] |date=April 5, 2021 |archive-date=April 26, 2021 |archive-url=https://web.archive.org/web/20210426161800/https://www.ft.com/content/ddc11198-f162-484c-9131-a7a0b0346178 |url-status=live }}</ref>

By March 24, short interests had dropped to 15 percent, compared to the 141 percent level at its peak in January.<ref name="Short15">{{Cite news |last=Davies |first=Megan |date=March 24, 2021 |title=Short interest in GameStop declined to 15% vs 141% at peak – S3 |work=Reuters |editor-last=Nomiyama |editor-first=Chizu |url=https://reuters.com/article/amp/idUSKBN2BG28H |url-status=live |access-date=March 24, 2021 |archive-url=https://web.archive.org/web/20210325215749/https://www.reuters.com/article/amp/idUSKBN2BG28H |archive-date=March 25, 2021}}</ref>

On March 25, the stock rose 53 percent from its previous day's decline of 34 percent.<ref>{{cite news |url=https://www.metro.us/gamestop-surges-more-than-2/ |first=Sinéad |last=Carew |work=Metro |date=March 25, 2021 |access-date=March 25, 2021 |title=GameStop surges more than 50%, leading meme stocks higher}}</ref><ref>{{cite web |last=McEnery |first=Thornton |date=March 25, 2021 |title=GameStop's 53% surge fueled by a buy/sell ratio of 3-to-1, as 'meme' stock crowd emboldened |url=https://www.marketwatch.com/story/gamestops-53-surge-fueled-by-a-buy-sell-ratio-of-3-to-1-as-meme-stock-crowd-emboldened-11616723387 |url-access=limited |url-status=live |archive-url=https://web.archive.org/web/20210617052009/https://www.msn.com/en-us/entertainment/gaming/gamestop-e2-80-99s-53-25-surge-fueled-by-a-buysell-ratio-of-3-to-1-as-e2-80-98meme-e2-80-99-stock-crowd-emboldened/ar-BB1eYyjL |archive-date=June 17, 2021 |access-date=March 25, 2021 |website=[[MarketWatch]]}}</ref>

GameStop reported on their Form 10-Q that, as of June 1, 2023, their investors had directly registered (DRSed) 76.6 million shares with their transfer agent via the [[direct holding system|direct registration system]].<ref>{{Cite conference| publisher = GameStop| pages = 1–21| last = Saadeh-Jajeh| first = Diana| title = Form 10-Q| location = Washington DC| date = 2023-04-29| url = https://news.gamestop.com/static-files/70a8632c-6308-4f16-8adc-7bdd65c39d89}}</ref>

== Impact on involved entities ==

===Losses by short sellers===
Short sellers who had bet against GameStop suffered large losses as a result of the short squeeze.<ref name="NYT Short sellers"/>

By January 28, 2021, [[Melvin Capital]], an [[investment fund]] that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments.<ref name="FT Melvin Capital"/><ref>{{Cite news |last=Chung |first=Juliet |date=January 31, 2021 |title=Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/melvin-capital-lost-53-in-january-hurt-by-gamestop-and-other-bets-11612103117 |url-status=live |access-date=January 31, 2021 |archive-url=https://web.archive.org/web/20210131142830/https://www.wsj.com/articles/melvin-capital-lost-53-in-january-hurt-by-gamestop-and-other-bets-11612103117 |archive-date=January 31, 2021}}</ref><ref name="GuardianWhiteHouseMonitoring">{{Cite web |last1=Sweney |first1=Mark |last2=Rushe |first2=Dominic |date=January 28, 2021 |title=White House 'monitoring' GameStop share surge as US hedge fund pulls out |url=http://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses |url-status=live |archive-url=https://web.archive.org/web/20210128015150/https://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Guardian]] |language=en}}</ref> [[Citadel LLC]] and firm partners then invested $2 billion into Melvin, while [[Point72 Asset Management]]'s investment added $750 million, for a total investment of $2.75 billion,<ref name="chung">{{Cite news |last=Chung |first=Juliet |date=January 25, 2021 |title=Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340 |url-status=dead |access-date=January 25, 2021 |archive-url=https://web.archive.org/web/20210128233028/https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340 |archive-date=January 28, 2021 |issn=0099-9660}}</ref><ref>{{Cite news |last=McCabe |first=Caitlin |date=January 14, 2021 |title=GameStop Stock Soars, and Social-Media Traders Claim Victory |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-stock-soars-and-social-media-traders-claim-victory-11610653679 |url-status=dead |access-date=January 23, 2021 |archive-url=https://web.archive.org/web/20210127043245/https://www.wsj.com/articles/gamestop-stock-soars-and-social-media-traders-claim-victory-11610653679 |archive-date=January 27, 2021 |issn=0099-9660}}</ref><ref>{{Cite web |last=Burton |first=Katherine |date=January 25, 2021 |title=Citadel, Point72 Back Melvin With $2.75 Billion After Losses |url=https://finance.yahoo.com/news/citadel-point72-back-melvin-2-203509666.html |url-status=live |archive-url=https://web.archive.org/web/20210126024053/https://finance.yahoo.com/news/citadel-point72-back-melvin-2-203509666.html |archive-date=January 26, 2021 |access-date=January 28, 2021 |website=[[Bloomberg News]] |language=en-US}}</ref> before Melvin told [[CNBC]] that they covered (closed) their position on January 26, although the exact amount was not disclosed.<ref name="CNBCMelvinClosed">{{Cite web |last=Li |first=Yun |date=January 27, 2021 |title=Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position |url=https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |url-status=live |archive-url=https://web.archive.org/web/20210128010414/https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[CNBC]] |language=en}}</ref>   On January 27, a Melvin Capital spokesperson stated that the fund had closed its position after repositioning its portfolio.<ref>{{Cite web |last=Kumar |first=Nishant |date=January 27, 2021 |title=GameStop skeptics Citron, Melvin succumb to epic short squeeze |url=https://www.bnnbloomberg.ca/gamestop-skeptics-citron-melvin-succumb-to-epic-short-squeeze-1.1554684 |url-status=live |archive-url=https://web.archive.org/web/20210206143027/https://www.bnnbloomberg.ca/gamestop-skeptics-citron-melvin-succumb-to-epic-short-squeeze-1.1554684 |archive-date=February 6, 2021 |access-date=January 31, 2021 |website=BNN}}</ref><ref name="reuters-rao">{{Cite news|last=Rao|first=Svea Herbst-Bayliss, Sujata|date=January 31, 2021|title=Wall Street gears up for second bout against Reddit traders|language=en|work=[[Reuters]]|url=https://www.reuters.com/article/us-retail-trading-idUSKBN2A00UH|url-status=live|access-date=February 1, 2021|archive-url=https://web.archive.org/web/20210206143027/https://www.reuters.com/article/us-retail-trading-idUSKBN2A00UH|archive-date=February 6, 2021}}</ref> For the month of February, Melvin posted a 22-percent gain, but it would need much more to [[Break-even|break even]] from their earlier losses; they were reported to have suffered further losses during the GME's continued resurgence in May 2021.<ref>{{Cite news|last1=Burton|first1=Katherine|last2=Parmar|first2=Hema|date=March 4, 2021|title=Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain|website=[[MSN]]|agency=[[Bloomberg News|Bloomberg]]|url=https://www.msn.com/en-us/money/companies/melvin-capital-surged-22percent-in-february-after-gamestop-disaster/ar-BB1edb5F|access-date=2021-03-05|archive-date=March 5, 2021|archive-url=https://web.archive.org/web/20210305143636/https://www.msn.com/en-us/money/companies/melvin-capital-surged-22percent-in-february-after-gamestop-disaster/ar-BB1edb5F|url-status=live}}</ref><ref name=":5">{{Cite news|title=US hedge funds Melvin Capital and Light Street suffer further losses|url=https://www.ft.com/content/ca1090ba-c3aa-446c-8406-7ce0e01bb510|access-date=2021-07-02|newspaper=Financial Times|date=June 10, 2021|last1=Fletcher|first1=Laurence|last2=Aliaj|first2=Ortenca|last3=Kruppa|first3=Miles|archive-date=June 27, 2021|archive-url=https://web.archive.org/web/20210627204751/https://www.ft.com/content/ca1090ba-c3aa-446c-8406-7ce0e01bb510|url-status=live}}</ref> Melvin ultimately shut down on May 18, 2022.<ref>{{cite news |title=Plotkin Shuts Melvin Hedge Fund Left Reeling by Redditor Attack |url=https://www.bloomberg.com/news/articles/2022-05-18/gabe-plotkin-s-melvin-capital-to-wind-down-funds-after-losses?sref=rWJsyGwt |access-date=20 May 2022 |work=Bloomberg.com |date=18 May 2022 |language=en}}</ref><ref>{{cite news |last1=Goldstein |first1=Matthew |last2=Kelly |first2=Kate |title=Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down. |url=https://www.nytimes.com/2022/05/18/business/melvin-capital-gamestop-short.html |access-date=20 May 2022 |work=The New York Times |date=18 May 2022}}</ref>

According to a report by Bloomberg, [[Andrew Left]], an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss.<ref name="BloombergHowWallStreetBets">{{Cite news |last=Kochkodin |first=Brandon |date=January 25, 2021 |title=How WallStreetBets Pushed GameStop Shares to the Moon |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127140922/https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon |archive-date=January 27, 2021}}</ref><ref name="BuzzFeedAngryMob">{{Cite web |last=Jamieson |first=Amber |date=January 26, 2021 |title=An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms |url=https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares |url-status=live |archive-url=https://web.archive.org/web/20210127123804/https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[BuzzFeed News]]}}</ref> In an interview, he claimed that the company had covered the majority of its short positions in the range of $90 per share at a loss of 100 percent, retaining a small, manageable position.<ref>{{Cite web |date=January 27, 2021 |title=An update from Citron Research |website=[[YouTube]] |url=https://www.youtube.com/watch?v=yS4yPsmaDDQ |url-status=live |archive-url=https://web.archive.org/web/20210129090141/https://www.youtube.com/watch?v=yS4yPsmaDDQ |archive-date=January 29, 2021 |access-date=January 30, 2021}}</ref> Due to the enormous losses, Left stated that Citron Research would stop providing short-sell analysis, and instead focus on "long side [[Multibagger stock|multibagger]] opportunities for individual investors".<ref>{{Cite web |last=Crabill |first=Steven |date=January 29, 2021 |title=Citron halts 20 years of short-sell analysis after GameStop woes |url=https://www.bnnbloomberg.ca/citron-halts-20-years-of-short-sell-analysis-after-gamestop-woes-1.1556108 |url-status=live |archive-url=https://web.archive.org/web/20210129171450/https://www.bnnbloomberg.ca/citron-halts-20-years-of-short-sell-analysis-after-gamestop-woes-1.1556108 |archive-date=January 29, 2021 |access-date=January 30, 2021 |website=[[BNN Bloomberg]]}}</ref> Other firms that incurred large losses include [[D1 Capital Partners]], which lost $4 billion (20 percent of its capital).<ref>{{Cite news|last=Karsh|first=Melissa|date=January 28, 2021|title=Dan Sundheim's $20 Billion D1 Capital Loses About 20% This Month|url=https://www.bloomberg.com/news/articles/2021-01-28/dan-sundheim-s-20-billion-d1-capital-loses-about-20-this-month|url-status=live|access-date=2021-06-03|newspaper=Bloomberg.com|archive-date=May 12, 2021|archive-url=https://web.archive.org/web/20210512195708/https://www.bloomberg.com/news/articles/2021-01-28/dan-sundheim-s-20-billion-d1-capital-loses-about-20-this-month}}</ref><ref>{{Cite news|last=Parmar|first=Hema|date=April 21, 2021|title=Sundheim's D1 Shakes Off Its $4 Billion Reddit-Fueled Fiasco|url=https://www.bloomberg.com/news/articles/2021-04-21/dan-sundheim-s-d1-shakes-off-its-4-billion-reddit-fueled-fiasco|url-status=live|access-date=2021-06-03|newspaper=Bloomberg.com|archive-date=May 12, 2021|archive-url=https://web.archive.org/web/20210512195323/https://www.bloomberg.com/news/articles/2021-04-21/dan-sundheim-s-d1-shakes-off-its-4-billion-reddit-fueled-fiasco}}</ref>

On January 26, it was reported that short sellers had lost a total of $6 billion due to the squeeze.<ref name="Bloomberg 210125">{{Cite news|last1=Greifeld|first1=Katherine|last2=Lifschutz|first2=Bailey|date=January 25, 2021|title=GameStop Short-Sellers Reload Bets After $6 Billion Loss|work=[[Bloomberg News]]|url=https://www.bloomberg.com/news/articles/2021-01-25/gamestop-short-sellers-reload-bearish-bets-after-6-billion-loss|url-status=live|access-date=January 29, 2021|archive-url=https://web.archive.org/web/20210127131035/https://www.bloomberg.com/news/articles/2021-01-25/gamestop-short-sellers-reload-bearish-bets-after-6-billion-loss|archive-date=January 27, 2021}}</ref> 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.<ref name="AutoFB-7">{{Cite news |last1=Aliaj |first1=Ortenca |last2=Smith |first2=Colby |last3=Platt |first3=Eric |last4=Mackenzie |first4=Michael |date=January 28, 2021 |title=Hedge funds retreat in face of day-trader onslaught |work=[[Financial Times]] |url=https://www.ft.com/content/4f76d769-4460-450f-9373-1e54f7da6c19 |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203815/https://www.ft.com/content/4f76d769-4460-450f-9373-1e54f7da6c19 |archive-date=January 28, 2021}}</ref> On February 1, GameStop [[short interest]] fell to 39 percent of [[free float|free-floating shares]], from 114 percent in mid-January, according to [[IHS Markit]]. The data was described by [[Bloomberg News]] as "potentially an early sign that the short squeeze that propelled GameStop... has progressed."<ref>{{Cite news|last1=Greifeld|first1=Katherine|last2=Wang|first2=Lu|date=February 1, 2021|title=GameStop Short Interest Plunges in Sign Traders Are Covering|language=en|work=[[Bloomberg News]]|url=https://www.bloomberg.com/news/articles/2021-02-01/gamestop-short-interest-plummets-in-a-sign-traders-are-covering|url-status=live|access-date=February 1, 2021|archive-url=https://web.archive.org/web/20210201233700/https://www.bloomberg.com/news/articles/2021-02-01/gamestop-short-interest-plummets-in-a-sign-traders-are-covering|archive-date=February 1, 2021}}</ref> Trading on March 8, specifically, caused $609 million in losses from short sellers.<ref name="LipschultzRaider"/>

According to Kate Kelly and Matthew Goldstein, writing in ''[[The New York Times]]'', the short squeeze made short selling even more difficult and called into question its financial viability by demonstrating how social media retail investors using free trading apps could effectively target hedge funds. In addition, whereas short sellers had always needed to be alert for potential lawsuits from the companies they targeted, the squeeze prompted worry about attacks on social media and, in some cases, threats to their personal safety.<ref name="NYT Short sellers"/>

After GameStop's share price spiked again in May 2021, it was reported that Light Street Capital, run by so-called "tiger cub" Glen Kacher, was down more than 20 percent during 2021.<ref name=":5"/>

On June 22, 2021, White Square Capital, a London-based hedge fund that was reported to have suffered "double-digit" losses betting against GameStop, announced that it would be shutting down.<ref>{{Cite news|last=Fletcher|first=Laurence|date=2021-06-22|title=Hedge fund that bet against GameStop shuts down|url=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6|access-date=2021-07-02|newspaper=Financial Times|archive-date=June 28, 2021|archive-url=https://web.archive.org/web/20210628115339/https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6|url-status=live}}</ref><ref>{{Cite news|date=2021-06-22|title=London-based hedge fund that bet against GameStop shuts down -FT|url=https://www.reuters.com/world/uk/london-based-hedge-fund-that-bet-against-gamestop-shuts-down-ft-2021-06-22/|access-date=2021-07-02|work=Reuters|archive-date=July 9, 2021|archive-url=https://web.archive.org/web/20210709182748/https://www.reuters.com/world/uk/london-based-hedge-fund-that-bet-against-gamestop-shuts-down-ft-2021-06-22/|url-status=live}}</ref>

=== Companies with increased stock value ===
As of January 31, executives at BlackBerry and GameStop had sold more than $22 million in stock since January 1.<ref name=CBSFrenzy /> There is no allegation of [[insider trading]] among BlackBerry executives, according to [[CBS News]].<ref name=CBSFrenzy /> Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of the executives, [[Chief financial officer|Chief Financial Officer]] Steve Rai, selling all of his shares in the company excepting unvested [[employee stock option]]s.<ref name="CBSFrenzy">{{Cite web |last=Gandel |first=Stephen |date=January 30, 2021 |title=Corporate executives reap millions from Reddit stock frenzy |url=https://www.cbsnews.com/news/reddit-stocks-wallstreet-bets-executive-payday/ |url-status=live |archive-url=https://web.archive.org/web/20210130233528/https://www.cbsnews.com/news/reddit-stocks-wallstreet-bets-executive-payday/ |archive-date=January 30, 2021 |access-date=January 31, 2021 |website=[[CBS News]] |language=en-US}}</ref>

GameStop Chair Kathy Vrabeck and board member Raul Fernandez sold shares from January 13 to 16, making $1.4 million, and likewise, board member Lizabeth Dunn cashed in $156,700.<ref name=CBSFrenzy /><ref>{{Cite web |last=Lin |first=Ed |date=January 27, 2021 |title=GameStop Insiders Sold Stock Before It Went Vertical |url=https://www.barrons.com/articles/gamestop-insiders-sold-stock-before-it-went-vertical-51611760507 |url-status=live |archive-url=https://web.archive.org/web/20210206143028/https://www.barrons.com/articles/gamestop-insiders-sold-stock-before-it-went-vertical-51611760507 |archive-date=February 6, 2021 |access-date=January 31, 2021 |website=[[Barron's (newspaper)|Barron's]] |language=en-US}}</ref> GameStop CEO George Sherman owns over 2.3 million shares in the company, according to [[Bloomberg News]]. These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29.<ref>{{Cite web |last=Lambert |first=Lance |date=January 29, 2021 |title=GameStop CEO's shares are worth nearly $1 billion—and, boy, does he probably want to sell |url=https://fortune.com/2021/01/29/gamestop-stock-ceo-george-sherman-gme-shares-net-worth-billion/ |url-status=live |archive-url=https://web.archive.org/web/20210131053857/https://fortune.com/2021/01/29/gamestop-stock-ceo-george-sherman-gme-shares-net-worth-billion/ |archive-date=January 31, 2021 |access-date=January 31, 2021 |website=[[Fortune (magazine)|Fortune]] |language=en}}</ref><ref name=CBSFrenzy />

=== Gains by existing shareholders and third parties ===
While the short squeeze was initially reported as being driven by [[Financial market participants#retail investors|retail investors]], it later emerged that a substantial part of the market activity surrounding GameStop and the related securities was conducted by hedge funds, who had made substantial profits from the short squeeze.<ref name="WSJ 210203B" /><ref name="WaPo rich got richer">{{Cite news |last1=MacMillan |first1=Douglas |last2=Torbati |first2=Yeganeh |date=February 8, 2021 |title=How the rich got richer: Reddit trading frenzy benefited Wall Street elite |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/2021/02/08/gamestop-wallstreet-wealth/ |access-date=February 11, 2021 |archive-date=February 10, 2021 |archive-url=https://web.archive.org/web/20210210202601/https://www.washingtonpost.com/business/2021/02/08/gamestop-wallstreet-wealth/ |url-status=live }}</ref> An analysis by [[Reuters]] concluded that some of Wall Street's largest asset managers were able to realize gains both from their share stakes, as well as from lending out stocks to short sellers.<ref name="reutersreport">{{Cite web |last=Kerber |first=Ross |date=January 29, 2021 |title=Analysis: How Wall Street gains from 'populist' trading movement |url=https://www.reuters.com/article/us-retail-trading-funds-analysis/analysis-how-wall-street-gains-from-populist-trading-movement-idUSKBN29Y0I4 |url-status=live |archive-url=https://web.archive.org/web/20210206143103/https://www.reuters.com/article/us-retail-trading-funds-analysis/analysis-how-wall-street-gains-from-populist-trading-movement-idUSKBN29Y0I4 |archive-date=February 6, 2021 |access-date=February 6, 2021 |website=[[Reuters]]}}</ref> Similarly, an analysis by investment bank [[JP Morgan Chase]] suggested that institutional investors were heavily involved in the trading activity related to the short squeeze.<ref name="Gua 020521">{{Cite news |last=Rushe |first=Dominic |date=February 5, 2021 |title=Was GameStop really a case of the little guys beating Wall Street? Maybe not |work=[[The Guardian]] |url=https://www.theguardian.com/business/2021/feb/05/gamestop-retail-investors-wall-street?CMP=Share_iOSApp_Other |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210207184612/https://www.theguardian.com/business/2021/feb/05/gamestop-retail-investors-wall-street?CMP=Share_iOSApp_Other |archive-date=February 7, 2021}}</ref> Brokerages, trading systems and [[market maker]]s have also gained from higher-than-average volume of transfers.<ref name="reutersreport" />

Hedge fund manager Senvest Management, which had previously bought a five percent [[Equity (finance)|stake]] in GameStop when shares were at $10, made a profit of $700 million, exiting its position after Elon Musk tweeted "Gamestonks!".<ref>{{Cite news |last=O'Dwyer |first=Michael |date=February 4, 2021 |title=Hedge fund makes $700m on GameStop bet |work=[[The Daily Telegraph|The Telegraph]] |url=https://www.telegraph.co.uk/business/2021/02/04/hedge-fund-makes-700m-gamestop-bet/ |url-status=live |access-date=February 5, 2021 |archive-url=https://web.archive.org/web/20210204183724/https://www.telegraph.co.uk/business/2021/02/04/hedge-fund-makes-700m-gamestop-bet/ |archive-date=February 4, 2021}}</ref><ref name="WSJ 210203B">{{Cite news |last=Chung |first=Juliet |date=February 3, 2021 |title=This Hedge Fund Made $700 Million on GameStop |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687 |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210207184552/https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687 |archive-date=February 7, 2021}}</ref> [[Asset manager]] [[BlackRock]] had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak.<ref>{{Cite news |date=January 27, 2021 |title=BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy |work=[[Reuters]] |url=https://www.reuters.com/article/blackrock-investment-gamestop-idUSL4N2K23QG |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210206143054/https://www.reuters.com/article/blackrock-investment-gamestop-idUSL4N2K23QG |archive-date=February 6, 2021}}</ref> [[Mudrick Capital Management]] made a profit of close to $200 million in January 2021 on its holdings of AMC debt, and a profit of $50 million writing [[call option]]s on AMC and GameStop stock.<ref name="WSJ 210203B" /> The [[mutual fund]] [[Morgan Stanley|Morgan Stanley Institutional Inception]] saw a 30-percent rise in its value based in part due to the 346,943 GameStop shares it had purchased in September 2020.<ref>{{Cite news |last=Rennison |first=Joe |date=February 3, 2021 |title=GameStop frenzy helps fuel sharp gains for Morgan Stanley fund |work=[[Financial Times]] |url=https://www.ft.com/content/f8dd7dba-3ba3-4ed8-bf7f-dffadab6112d |url-status=live |archive-url=https://web.archive.org/web/20210206000533/https://www.ft.com/content/f8dd7dba-3ba3-4ed8-bf7f-dffadab6112d |archive-date=February 6, 2021}}</ref> [[The Church of Jesus Christ of Latter-day Saints]], through its investment manager [[Ensign Peak Advisors]], bought 46,000 shares of GameStop in 2020, and saw the value of its investment jump 900 percent.<ref>{{Cite news|last=Facer|first=Austin|date=May 21, 2021|title=Mormon Church cashes in on GameStop and Tesla stock craze|language=en-US|website=[[KTVX]]|publisher=[[Nexstar Media Group]]|agency=|url=https://www.kxan.com/news/business/mormon-church-cashes-in-on-gamestop-and-tesla-stock-craze/|url-status=live|access-date=2021-05-24|archive-date=May 24, 2021|archive-url=https://web.archive.org/web/20210524083040/https://www.kxan.com/news/business/mormon-church-cashes-in-on-gamestop-and-tesla-stock-craze/}}</ref>

The trading led to increase in the stock of the [[Koss Corporation]], and by selling stock the executives and directors of the company were able to earn $45 million, which was greater than the company's valuation in 2020.<ref>{{Cite news |last=Hauer |first=Sarah |date=February 4, 2021 |title=Koss family got $32 million from Reddit-fueled stock market frenzy – more than the company was worth at the end of 2020 |work=[[Milwaukee Journal Sentinel]] |url=https://www.jsonline.com/story/money/business/2021/02/04/koss-family-got-32-million-reddit-fueled-stock-market-frenzy/4383792001/ |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210206201416/https://www.jsonline.com/story/money/business/2021/02/04/koss-family-got-32-million-reddit-fueled-stock-market-frenzy/4383792001/ |archive-date=February 6, 2021}}</ref>

===Losses by retail investors===

Many retail investors and r/wallstreetbets users bought shares of GameStop and other affected securities as they were reaching their peak prices or shortly afterwards. Other investors held onto their [[Long (finance)|long]] positions while the stock prices were declining rapidly, amid widespread calls on r/wallstreetbets to hang on to the failing shares. In an "[[IAmA#Concept|ask me anything]] session" on r/wallstreetbets, entrepreneur [[Mark Cuban]] also encouraged GameStop buyers to hold on to their stock if they were able to. As the stock prices continued to decline, many retail investors suffered significant losses,<ref name="FT 210205" /><ref name="Bloom 210202B">{{Cite news |last1=Ponczek |first1=Sarah |last2=Gemmell |first2=Katharine |last3=Wells |first3=Charlie |display-authors= |date=February 2, 2021 |title=Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance |work=[[Bloomberg News|Bloomberg]] |url=https://www.bloomberg.com/news/articles/2021-02-02/moonshot-stocks-lose-167-billion-as-crowd-preaches-defiance |url-status=live |access-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209130419/https://www.bloomberg.com/news/articles/2021-02-02/moonshot-stocks-lose-167-billion-as-crowd-preaches-defiance |archive-date=February 9, 2021}}</ref><ref name="NYT The Hopes That Rose and Fell With GameStop">{{Cite news |last1=Phillips |first1=Matt |last2=Lorenz |first2=Taylor |last3=Bernard |first3=Tara Siegel |last4=Friedman |first4=Gillian |display-authors= |date=February 7, 2021 |title=The Hopes That Rose and Fell With GameStop |work=[[The New York Times]] |url=https://www.nytimes.com/2021/02/07/business/gamestop-stock-losses.html |url-status=live |access-date=February 11, 2021 |archive-url=https://web.archive.org/web/20211013092148/https://www.nytimes.com/2021/02/07/business/gamestop-stock-losses.html?searchResultPosition=1 |archive-date=October 13, 2021}}</ref> with some r/wallstreetbets users losing a majority of their savings.<ref name="WaPo heavy losses">{{Cite news |last=Harwell |first=Drew |date=February 2, 2021 |title=As GameStop stock crumbles, newbie traders reckon with heavy losses |newspaper=[[The Washington Post]] |url=https://www.washingtonpost.com/technology/2021/02/02/gamestop-stock-plunge-losers/ |access-date=February 11, 2021 |archive-date=February 10, 2021 |archive-url=https://web.archive.org/web/20210210040916/https://www.washingtonpost.com/technology/2021/02/02/gamestop-stock-plunge-losers/ |url-status=live }}</ref><ref name="WSJ Bet Big Lost Big">{{Cite news |last=Ensign |first=Rachel Louise |date=February 15, 2021 |title=GameStop Investors Who Bet Big—and Lost Big |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-investors-who-bet-bigand-lost-big-11613385002?mod=hp_lead_pos8 |access-date=15 February 2021 |archive-date=February 16, 2021 |archive-url=https://web.archive.org/web/20210216045720/https://www.wsj.com/articles/gamestop-investors-who-bet-bigand-lost-big-11613385002?mod=hp_lead_pos8 |url-status=live }}</ref>

== Other affected assets ==
===Stocks===
{{Dynamic list|date=January 2021}}
<!--{{Expand list|date=January 2021}}-->
Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices:

{| class="wikitable sortable plainrowheaders" style="text-align:right;"
|+ Selected stocks experiencing sharp price increases (USD)
|-
!scope="col"| Security (symbol)
!scope="col"| Price high{{ref label|prices|a|a}}
!scope="col"| {{Abbr|Jan 22|Closing price on January 22, 2021}}, 2021
!scope="col"| {{Abbr|% chg.|Percentage change in stock price from close on January 22, 2021, to highest intraday price}}
!scope="col" class="unsortable"| {{Abbr|Ref.|Reference}}
|-
!scope="row"| [[AMC Theatres|AMC Entertainment Holdings, Inc.]] ({{NYSE link|AMC}})
| 20.36 || 3.51 || 480.1% || <ref name="NewsweekSaveAMC" />
|-
!scope="row"| [[AMC Networks|AMC Networks Inc.]] ({{NASDAQ link|AMCX}})
| 59.83 || 49.38 || 21.2% || <ref name="TheWeekConfusedAMCX" />
|-
!scope="row"| [[American Airlines Group|American Airlines Group Inc.]] ({{NASDAQ link|AAL}})
| style="text-align: right" | 21.77 || 15.82 || 37.6% || <ref name="AmericanAirlines">{{Cite web |last=Fox |first=Matthew |date=January 28, 2021 |title=American Airlines spikes 31% as Reddit traders direct their attention toward another heavily shorted stock |url=https://markets.businessinsider.com/news/stocks/american-airlines-stock-price-reddit-traders-spark-short-squeeze-2021-1-1030015525 |url-status=live |archive-url=https://web.archive.org/web/20210128213656/https://markets.businessinsider.com/news/stocks/american-airlines-stock-price-reddit-traders-spark-short-squeeze-2021-1-1030015525 |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[Business Insider]]}}</ref>
|-
!scope="row"| [[Blockbuster LLC|BB Liquidating Inc.]] ({{OTC Pink|BLIAQ}})
| 0.30 || 0.01 || 3000% || <ref>{{Cite news |last=Owram |first=Kristine |date=January 27, 2021 |title=Bankrupt Blockbuster Joins Reddit-Inspired Retail Rally |language=en |work=[[Bloomberg News|Bloomberg]] |url=https://www.bloomberg.com/news/articles/2021-01-27/bankrupt-blockbuster-remnant-joins-reddit-inspired-retail-rally |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210127234546/https://www.bloomberg.com/news/articles/2021-01-27/bankrupt-blockbuster-remnant-joins-reddit-inspired-retail-rally |archive-date=January 27, 2021}}</ref>
|-
!scope="row"| [[Bed Bath & Beyond Inc.]] ({{NASDAQ link|BBBY}})
| style="text-align: right" | 53.90 || 30.21 || 78.4% || <ref name="CNBCBedBathBeyond" />
|-
!scope="row"| [[BlackBerry Limited]] ({{NYSE link|BB}})
| style="text-align: right" | 28.77 || 14.04 || 104.9% || <ref name="BloombergWhatsNext" />
|-
!scope="row"| [[Build-A-Bear Workshop|Build-A-Bear Workshop, Inc.]] ({{NYSE link|BBW}}) 
| 8.40 || 4.52 || 85.8% || <ref name="YahooManiaRuined" />
|-
!scope="row"| [[Kodak|Eastman Kodak Company]] ({{NYSE link|KODK}})
| 15.15 || 9.46 || 60.1% || <ref name="FoolHeavilyShorted" />
|-
!scope="row"| [[Express, Inc.]] ({{NYSE link|EXPR}})
| 13.97 || 1.79 || 680.4% || <ref name="BloombergWhatsNext" />
|-
!scope="row"| [[Fossil Group|Fossil Group, Inc.]] ({{NASDAQ link|FOSL}})
| style="text-align: right" | 28.60 || 9.87 || 189.8% || <ref>{{Cite web |last1=Linnane |first1=Ciara |last2=Kilgore |first2=Tomi |date=January 26, 2021 |title=It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher |url=https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693 |url-status=live |archive-url=https://web.archive.org/web/20210128204100/https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693 |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[MarketWatch]]}}</ref>
|-
!scope="row"| [[Genius Brands|Genius Brands International]] ({{NASDAQ link|GNUS}})
| 3.36 || 1.57 || 114.0% || <ref name="FoolHeavilyShorted" />
|-
!scope="row"| [[IRobot|iRobot Corporation]] ({{NASDAQ link|IRBT}})
| 197.40 || 98.94 || 99.5% || <ref name="SeekingAlphaStocksRallying" />
|-
!scope="row"| [[Koss Corporation]] ({{NASDAQ link|KOSS}})
| 127.45 || 3.34 || 3,715.9% || <ref name="UrbanMilwaukeeKossUp" />
|-
!scope="row"| [[Ligand Pharmaceuticals|Ligand Pharmaceuticals Incorporated]] ({{NASDAQ link|LGND}})
| 191.59 || 142.62 || 34.3% || <ref name="Ligand">{{Cite web |last=Ponciano |first=Jonathan |date=January 27, 2021 |title=Not Just GameStop: Here Are The Meme Stocks WallStreetsBets Traders Are Pumping Up During This 'Extremely Erratic' Reddit Rally |url=https://www.forbes.com/sites/jonathanponciano/2021/01/27/not-just-gamestop-here-are-the-meme-stocks-wallstreetbets-traders-are-pumping-up-during-this-extremely-erratic-reddit-rally/?sh=72daa18f5bb7 |url-status=live |archive-url=https://web.archive.org/web/20210206143055/https://www.forbes.com/sites/jonathanponciano/2021/01/27/not-just-gamestop-here-are-the-meme-stocks-wallstreetbets-traders-are-pumping-up-during-this-extremely-erratic-reddit-rally/?sh=72daa18f5bb7 |archive-date=February 6, 2021 |access-date=February 1, 2021 |website=[[Forbes]]}}</ref>
|-
!scope="row"| [[Macerich|The Macerich Company]] ({{NYSE link|MAC}})
| 25.99  || 14.58 || 78.3% || <ref name="Macerich">{{Cite news |last=Sambo |first=Paula |date=January 28, 2021 |title=Reddit Ignites Mall Stock and Fund Cashes Out $500 Million |url=https://www.bloomberg.com/news/articles/2021-01-29/reddit-fever-ignites-mall-stock-and-fund-cashes-out-500-million |url-status=live |archive-url=https://web.archive.org/web/20210129044846/https://www.bloomberg.com/news/articles/2021-01-29/reddit-fever-ignites-mall-stock-and-fund-cashes-out-500-million |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Bloomberg News]]}}</ref>
|-
!scope="row"| Naked Brand Group ({{NASDAQ link|NAKD}})
| 3.40 || 0.44 || 672.7% || <ref name="InvestorPlaceNakedBrand" />
|-
!scope="row"| [[National Beverage|National Beverage Corp.]] ({{NASDAQ link|FIZZ}})
| 196.43 || 98.44 || 99.5% || <ref name="AutoFB-16" />
|-
!scope="row"| [[Nokia|Nokia Oyj]] ({{NYSE link|NOK}})
| 9.79 || 4.20 || 133.1% || <ref name="MarketWatchNokiaSurges" />
|-
!scope="row"| [[Palantir Technologies|Palantir Technologies Inc.]] ({{NYSE link|PLTR}})
| 45.00 || 32.58 || 38.1% || <ref name="FoolHeavilyShorted" />
|-
!scope="row"| [[Muriel Siebert|Siebert]] Financial<ref name="siebert/disclosures">{{cite web |title=Disclosures, Policies & Disclaimers |url=https://siebert.com/disclosures |website=Siebert Financial |access-date=8 November 2023 |language=en |archive-date=November 8, 2023 |archive-url=https://web.archive.org/web/20231108051326/https://www.siebert.com/disclosures |url-status=live }}</ref> ({{NYSE link|SIEB}})
| 18.50 || 3.70 || 400.0% || <ref>{{Cite web |last=Choudhary |first=Vidhi |date=January 29, 2021 |title=Brokerage Firm Siebert Soars as Reddit Feed Targets Another Short Squeeze |url=https://www.thestreet.com/investing/brokerage-firm-siebert-soars-as-reddit-targets-another-short-squeeze |url-status=live |archive-url=https://web.archive.org/web/20210129170033/https://www.thestreet.com/investing/brokerage-firm-siebert-soars-as-reddit-targets-another-short-squeeze |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[TheStreet.com]]}}</ref>
|-
!scope="row"| [[Tootsie Roll Industries|Tootsie Roll Industries, Inc.]] ({{NYSE link|TR}})
| 58.98 || 30.14 || 95.7% || <ref name="ChicagoBusinessReddit" />
|-
!scope="row"| [[Virgin Galactic|Virgin Galactic Holdings, Inc.]] ({{NYSE link|SPCE}})
| 59.43 || 34.28 || 73.4% || <ref name="SeekingAlphaStocksRallying" />
|}
{{note label|prices|a|a}} <small>Prices may be higher during extended-hours trading.</small>

The shares of GME Resources, an Australian mining company with [[Australian Securities Exchange]] (ASX) symbol GME, increased more than 50 percent during intraday trading, closing with a 13.3-percent increase on January 28. This was speculated to have been due to a joke or mistake, as the ASX symbol was the same as GameStop's NYSE [[ticker symbol]] (GME).<ref name="SMHGameStopMining" /><ref>{{Cite web |last=McGregor |first=Grady |date=January 29, 2021 |title=Caught in the GameStop frenzy, a different GME stock goes on a wild ride |url=https://fortune.com/2021/01/29/gamestop-stock-gme-resources-short-squeeze/ |url-status=live |archive-url=https://web.archive.org/web/20210201002011/https://fortune.com/2021/01/29/gamestop-stock-gme-resources-short-squeeze/ |archive-date=February 1, 2021 |access-date=February 1, 2021 |website=[[Fortune (magazine)|Fortune]] |language=en}}</ref>

Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for Malaysian [[latex glove]] makers on [[Bursa Malaysia]] as a countermove against the devaluation of the sector by institutional investors following the lifting of a ban on short selling in the country earlier in January 2021. [[Top Glove]], Hartalega and [[Supermax (Malaysia)|Supermax]] respectively recorded increases in shares as high as 15 percent, 10 percent and 9.2 percent during intraday trading on January 29, before closing with respective increases of 8.5 percent, 5.4 percent and 3.7 percent. The rally call was reportedly organized from r/bursabets, a Malaysian offshoot of r/wallstreetbets named after the Malaysian stock exchange.<ref name="BloombergMalaysiaBursaBets" /><ref name="BloombergMalaysiaBursaBets (early edit)" /> On March 2, [[Rocket Mortgage]] saw a more than 70 percent spike in its stock price due to a surge in trading following discussion of the company on [[r/wallstreetbets]],<ref>{{cite news|last=Li|first=Yun|date=March 2, 2021|title=Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%|publisher=CNBC|url=https://www.cnbc.com/2021/03/02/shares-of-rocket-companies-a-large-short-target-by-hedge-funds-jump-more-than-20percent-.html|access-date=July 22, 2022|archive-date=July 22, 2022|archive-url=https://web.archive.org/web/20220722154919/https://www.cnbc.com/2021/03/02/shares-of-rocket-companies-a-large-short-target-by-hedge-funds-jump-more-than-20percent-.html|url-status=live}}</ref><ref>{{cite news|last=Tompor|first=Susan|date=March 2, 2021|title=Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally|work=[[Detroit Free Press]]|publisher=[[Gannett]]|url=https://www.freep.com/story/money/personal-finance/susan-tompor/2021/03/02/rocket-companies-stock-gamestop-reddit/6888857002/|access-date=July 22, 2022|archive-date=July 22, 2022|archive-url=https://web.archive.org/web/20220722154919/https://www.freep.com/story/money/personal-finance/susan-tompor/2021/03/02/rocket-companies-stock-gamestop-reddit/6888857002/|url-status=live}}</ref> but the Rocket Mortgage stock price reverted to its pre-surge level the next day.<ref>{{cite news|last=McCaffrey|first=Orla|date=March 3, 2021|title=Rocket Stock Is the New Meme Trade. Move Over, GameStop|work=The Wall Street Journal|publisher=News Corp|url=https://www.wsj.com/articles/rocket-is-becoming-the-new-meme-stock-move-over-gamestop-11614782903|access-date=July 22, 2022|archive-date=July 22, 2022|archive-url=https://web.archive.org/web/20220722154905/https://www.wsj.com/articles/rocket-is-becoming-the-new-meme-stock-move-over-gamestop-11614782903|url-status=live}}</ref><ref>{{cite news|last=Grzelewski|first=Jordyn|date=March 3, 2021|title=After GameStop-like surge, Rocket stock frenzy shows signs of subsiding|work=[[The Detroit News]]|publisher=[[Digital First Media]]|url=https://www.detroitnews.com/story/business/2021/03/03/after-gamestop-like-surge-rocket-stock-frenzy-shows-signs-subsiding/6909475002/|access-date=July 22, 2022|archive-date=July 22, 2022|archive-url=https://web.archive.org/web/20220722154905/https://www.detroitnews.com/story/business/2021/03/03/after-gamestop-like-surge-rocket-stock-frenzy-shows-signs-subsiding/6909475002/|url-status=live}}</ref>

===Cryptocurrencies===
After brokerages halted the buying of GameStop and other securities, the price of several [[cryptocurrency|cryptocurrencies]] also began to increase substantially, with [[Dogecoin]]'s value increasing over 800 percent.<ref>{{Cite web |last=Cuthbertson |first=Anthony |date=January 29, 2021 |title=GameStop frenzy takes cryptocurrency market over $1 trillion |url=https://www.independent.co.uk/life-style/gadgets-and-tech/dogecoin-price-stock-buy-gamestop-reddit-bitcoin-b1794695.html |url-status=live |archive-url=https://web.archive.org/web/20210129144052/https://www.independent.co.uk/life-style/gadgets-and-tech/dogecoin-price-stock-buy-gamestop-reddit-bitcoin-b1794695.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[The Independent]]}}</ref><ref>{{Cite web |last=Kharpal |first=Arjun |date=January 28, 2021 |title=Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800% |url=https://www.cnbc.com/2021/01/29/dogecoin-cryptocurrency-rises-over-400percent-after-reddit-group-talks-it-up.html |url-status=live |archive-url=https://web.archive.org/web/20210129041750/https://www.cnbc.com/2021/01/29/dogecoin-cryptocurrency-rises-over-400percent-after-reddit-group-talks-it-up.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[CNBC]]}}</ref><ref>{{Cite web |last=Paul |first=Andrew |date=January 29, 2021 |title=The GameStop stonk bubble has swallowed DogeCoin, Frankie Muniz |url=https://www.avclub.com/the-gamestop-stonk-bubble-has-swallowed-dogecoin-frank-1846150526 |url-status=live |archive-url=https://web.archive.org/web/20210129053502/https://news.avclub.com/the-gamestop-stonk-bubble-has-swallowed-dogecoin-frank-1846150526 |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[The A.V. Club]]}}</ref> Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin".<ref>{{Cite web |last=Hart |first=Robert |date=January 29, 2021 |title='It's Doge Time': Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop |url=https://www.forbes.com/sites/roberthart/2021/01/28/its-doge-time-dogecoin-surges-as-reddit-traders-push-to-make-it-the-crypto-gamestop/ |url-status=live |archive-url=https://web.archive.org/web/20210206143056/https://www.forbes.com/sites/roberthart/2021/01/28/its-doge-time-dogecoin-surges-as-reddit-traders-push-to-make-it-the-crypto-gamestop/ |archive-date=February 6, 2021 |access-date=January 29, 2021 |website=[[Forbes]]}}</ref> In addition, the price of [[Bitcoin]], the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after [[Elon Musk]] endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users.<ref>{{Cite web |last=Browne |first=Ryan |date=January 29, 2021 |title=Bitcoin spikes 20% after Elon Musk adds #bitcoin to his Twitter bio |url=https://www.cnbc.com/2021/01/29/bitcoin-spikes-20percent-after-elon-musk-adds-bitcoin-to-his-twitter-bio.html |url-status=live |archive-url=https://web.archive.org/web/20210129102120/https://www.cnbc.com/2021/01/29/bitcoin-spikes-20percent-after-elon-musk-adds-bitcoin-to-his-twitter-bio.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[CNBC]]}}</ref> Robinhood then began limiting the trading on Dogecoin.<ref>{{Cite web |title=Robinhood restricts crypto trading as Dogecoin soars 300 percent |url=https://www.msn.com/en-us/news/technology/robinhood-restricts-crypto-trading-as-dogecoin-soars-300-percent/ar-BB1dcWda |url-status=live |archive-url=https://web.archive.org/web/20210208115639/https://www.msn.com/en-us/news/technology/robinhood-restricts-crypto-trading-as-dogecoin-soars-300-percent/ar-BB1dcWda |archive-date=February 8, 2021 |access-date=February 8, 2021 |website=www.msn.com}}</ref>

===Metal futures===
Following the stock market surge, [[futures exchange|futures]] for [[silver]] began to rapidly increase as well,<ref name="CNBCSilver">{{Cite web |last=Pound |first=Jesse |date=January 31, 2021 |title=Silver futures jump 7% as Reddit traders try their squeeze play with the metal |url=https://www.cnbc.com/2021/01/31/silver-futures-jump-7percent-as-reddit-traders-try-their-squeeze-play-with-the-metal.html |url-status=live |archive-url=https://web.archive.org/web/20210206143058/https://www.cnbc.com/2021/01/31/silver-futures-jump-7percent-as-reddit-traders-try-their-squeeze-play-with-the-metal.html |archive-date=February 6, 2021 |access-date=January 31, 2021 |website=[[CNBC]]}}</ref><ref name=BloombergSilver /> although later news reports clarified that it was unclear who was behind the rise.<ref>{{Cite web |last=Smith |first=Josh |date=February 2, 2021 |title=Silver hits eight-year high, but who's behind the buying? |url=https://themarketherald.com.au/silver-hits-eight-year-high-but-whos-behind-the-buying-2021-02-02/ |url-status=live |archive-url=https://web.archive.org/web/20210206143106/https://themarketherald.com.au/silver-hits-eight-year-high-but-whos-behind-the-buying-2021-02-02/ |archive-date=February 6, 2021 |access-date=February 4, 2021 |website=The Market Herald}}</ref> On January 28 and 29, the price of silver rose 10 percent.<ref name="reuters-rao"/> The surge also had an effect on the prices of [[gold]] and [[copper]] on the [[London Metal Exchange]].<ref name="BloombergSilver">{{Cite news |last1=Yue Li |first1=Yvonne |last2=Deaux |first2=Joe |date=January 28, 2021 |title=Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy |url=https://www.bloomberg.com/news/articles/2021-01-28/silver-is-the-latest-market-hit-by-reddit-day-trader-frenzy |url-status=live |archive-url=https://web.archive.org/web/20210130233126/https://www.bloomberg.com/news/articles/2021-01-28/silver-is-the-latest-market-hit-by-reddit-day-trader-frenzy |archive-date=January 30, 2021 |access-date=January 31, 2021 |website=[[Bloomberg News]]}}</ref> On February 1, the price of silver hit an eight-year high as GameStop shares continued their volatile tendency, with trading{{which|date=February 2021}}<!-- silver or Game Stop stock? --> being halted at least once as the price fell by double-digit percentages.<ref>{{Cite web |last1=Wearden |first1=Graeme |last2=Sweney |first2=Mark |date=February 1, 2021 |title=Silver price hits eight-year high, as GameStop shares fall back |url=https://www.theguardian.com/business/live/2021/feb/01/silver-price-squeeze-reddit-traders-gamestop-ftse-dow-uk-factories-business-live |url-status=live |archive-url=https://web.archive.org/web/20210201081117/https://www.theguardian.com/business/live/2021/feb/01/silver-price-squeeze-reddit-traders-gamestop-ftse-dow-uk-factories-business-live |archive-date=February 1, 2021 |access-date=February 1, 2021 |website=[[The Guardian]]}}</ref> Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop.<ref>{{Cite news |last=Morris |first=Chris |date=February 1, 2021 |title=Reddit users say they are not behind Monday's silver squeeze |work=[[Fortune (magazine)|Fortune]] |url=https://fortune.com/2021/02/01/silver-price-slv-wallstreetbets-reddit-gamestop-short-squeeze-latest-commodities/ |url-status=live |access-date=February 1, 2021 |archive-url=https://web.archive.org/web/20210201161644/https://fortune.com/2021/02/01/silver-price-slv-wallstreetbets-reddit-gamestop-short-squeeze-latest-commodities/ |archive-date=February 1, 2021}}</ref><ref>{{Cite news |last=Ferre |first=Ines |date=February 1, 2021 |title=Redditors divided on shift to push up Silver |work=[[Yahoo! Finance]] |url=https://finance.yahoo.com/news/silver-to-the-moon-says-redditor-but-others-on-wall-street-bets-differ-160221386.html |url-status=live |access-date=February 1, 2021 |archive-url=https://web.archive.org/web/20210201160804/https://finance.yahoo.com/news/silver-to-the-moon-says-redditor-but-others-on-wall-street-bets-differ-160221386.html |archive-date=February 1, 2021}}</ref><ref>{{Cite news |date=February 1, 2021 |title=Silver price surges amid investor frenzy — but Reddit users say it isn't them |language=en-US |work=[[CBC News]] |url=https://www.cbc.ca/news/business/silver-stocks-surge-1.5895790 |url-status=live |access-date=February 1, 2021 |archive-url=https://web.archive.org/web/20210206143126/https://www.cbc.ca/news/business/silver-stocks-surge-1.5895790 |archive-date=February 6, 2021}}</ref><ref name="CNN 210202">{{Cite news |last=Egan |first=Matt |date=February 2, 2021 |title=Silver is surging but users on WallStreetBets say they're not behind the rally |work=[[CNN]] |url=https://edition.cnn.com/2021/01/31/investing/silver-price-squeeze-reddit-wallstreetbets/index.html |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210202140210/https://edition.cnn.com/2021/01/31/investing/silver-price-squeeze-reddit-wallstreetbets/index.html |archive-date=February 2, 2021}}</ref>

== Aftermath ==
[[File:Press Briefing by Press Secretary Jen Psaki, John Kerry, and Gina McCarthy (2021-01-27).webm|thumb|left|[[White House Press Secretary]] [[Jen Psaki]] being asked about the short squeeze on January 27]]

=== Investigations ===
On January 27, 2021, White House press secretary [[Jen Psaki]] said that Treasury Secretary [[Janet Yellen]] and others in the [[Presidency of Joe Biden|Biden administration]] were monitoring the situation.<ref name="MarketWatchBidenMonitoring" /> Yellen convened a meeting of financial regulators, including the heads of the [[U.S. Securities and Exchange Commission]], [[Federal Reserve Board of Governors|Federal Reserve]], [[Federal Reserve Bank of New York]] and the [[Commodity Futures Trading Commission]], to discuss the volatility surrounding the short squeeze. Because Yellen had received speaking fees from [[Citadel LLC|Citadel]] before becoming treasury secretary, she sought and received permission from Treasury Department ethics lawyers before convening the meeting.<ref name="Reuters 210203">{{Cite news |last1=Lawder |first1=David |last2=Hunnicutt |first2=Trevor |date=February 3, 2021 |title=Exclusive: Treasury's Yellen calls top regulator meeting on GameStop volatility, consults ethics lawyer |work=[[Reuters]] |url=https://www.reuters.com/article/us-usa-treasury-yellen-gamestop-exclusiv-idUSKBN2A306A |access-date=February 9, 2021 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209013416/https://www.reuters.com/article/us-usa-treasury-yellen-gamestop-exclusiv-idUSKBN2A306A |url-status=live }}</ref><ref name="Bloomberg 210203">{{Cite news |last1=Mohsin |first1=Saleha |last2=Condon |first2=Christopher |date=February 3, 2021 |title=Yellen to Meet Financial Regulators Thursday on Market Tumult |work=[[Bloomberg News|Bloomberg]] |url=https://www.bloomberg.com/news/articles/2021-02-03/yellen-summons-regulators-to-discuss-financial-market-volatility |access-date=February 9, 2021 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209130649/https://www.bloomberg.com/news/articles/2021-02-03/yellen-summons-regulators-to-discuss-financial-market-volatility |url-status=live }}</ref> The regulators were not seen as likely to view the volatility as creating any [[systemic risk]]s.<ref>{{Cite news |last=Kate Davidson |date=February 2, 2021 |title=Regulators Meeting on GameStop Frenzy Are Unlikely to Find Systemic Risk |work=The Wall Street Journal |url=https://www.wsj.com/articles/regulators-meeting-on-gamestop-frenzy-are-unlikely-to-find-systemic-risk-11612392466 |access-date=February 27, 2021 |archive-date=February 22, 2021 |archive-url=https://web.archive.org/web/20210222032610/https://www.wsj.com/articles/regulators-meeting-on-gamestop-frenzy-are-unlikely-to-find-systemic-risk-11612392466 |url-status=live }}</ref>

Speaker of the House [[Nancy Pelosi]] said that Congress would also be reviewing it.<ref name="Auto9F-6" /> Senator [[Sherrod Brown]] announced that the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Banking Committee]] would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze.<ref name="Auto9F-7" /> Representative [[Byron Donalds]] called for Congress to launch "an immediate investigation into Citadel, L.L.C. and [[Robinhood Markets|Robinhood]]".<ref>{{Cite tweet |number=1354926450940506115 |user=ByronDonalds |title=Private investors deserve to know Wall Street and hedge funds are not engaged in malicious behavior when the pendulum swings in favor of private investors, not corporate cronies. #RobinHood #WallStreet My full statement below |last=Donalds |first=Byron}}</ref>

On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"<ref>{{Cite web |last=Franck |first=Thomas |date=January 29, 2021 |title=SEC reviewing recent trading volatility amid GameStop frenzy, vows to protect 'retail investors' |url=https://www.cnbc.com/2021/01/29/sec-reviewing-recent-trading-volatility-amid-gamestop-frenzy-vows-to-protect-retail-investors.html |url-status=live |archive-url=https://web.archive.org/web/20210129142841/https://www.cnbc.com/2021/01/29/sec-reviewing-recent-trading-volatility-amid-gamestop-frenzy-vows-to-protect-retail-investors.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[CNBC]]}}</ref> from "abusive or manipulative trading activity"<ref>{{Cite web |last=Matthews |first=Chris |date=January 29, 2021 |title=SEC vows to punish 'abusive activity' amid GameStop, Robinhood drama |url=https://www.marketwatch.com/story/sec-vows-to-punish-abusive-activity-amid-gamestop-robinhood-drama-11611932794 |url-status=live |archive-url=https://web.archive.org/web/20210129150856/https://www.marketwatch.com/story/sec-vows-to-punish-abusive-activity-amid-gamestop-robinhood-drama-11611932794 |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[MarketWatch]]}}</ref> and "to identify and pursue potential wrongdoing".<ref>{{Cite web |last=Westbrook |first=Jesse |date=January 29, 2021 |title=SEC Says It's Examining Market Mania for Potential Misconduct |url=https://www.bloomberg.com/news/articles/2021-01-29/sec-says-it-s-examining-market-mania-for-potential-misconduct |url-status=live |archive-url=https://web.archive.org/web/20210129145207/https://www.bloomberg.com/news/articles/2021-01-29/sec-says-it-s-examining-market-mania-for-potential-misconduct |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Bloomberg News]]}}</ref>

[[Attorney General of New York]] [[Letitia James]] confirmed in a press release that her office would look into the matter, saying "We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock".<ref>{{Cite news |last=Bomey |first=Nathan |date=January 28, 2021 |title=Robinhood to resume trading on GameStop, AMC stock amid volatility |work=[[USA Today]] |url=https://www.usatoday.com/story/money/2021/01/28/gamestop-stock-robinhood-amc-express-bed-bath-beyond/4291760001/ |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129074535/https://www.usatoday.com/story/money/2021/01/28/gamestop-stock-robinhood-amc-express-bed-bath-beyond/4291760001/ |archive-date=January 29, 2021}}</ref><ref>{{Cite news |last1=Dolmetsch |first1=Chris |last2=Yasiejko |first2=Christopher |last3=Berthelsen |first3=Christian |date=January 28, 2021 |title=Robinhood Users Suing Over Trade Limits Face High Legal Bar |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210128170634/https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop |archive-date=January 28, 2021}}</ref>

[[Texas Attorney General]] [[Ken Paxton]] said he would also investigate the decision of brokerages to limit the buying of securities related to GameStop and other stocks, saying that it "stinks of corruption". His investigation has extended to 13 entities, including [[Discord (software)|Discord]], Robinhood, the trading platforms [[Interactive Brokers]] and TD Ameritrade, and Citadel Financial.<ref>{{Cite news |last=Friedman |first=Gillian |date=January 29, 2021 |title=The Texas attorney general will investigate brokers' decisions to limit GameStop trades. |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/live/2021/01/29/business/us-economy-coronavirus |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129124025/https://www.nytimes.com/live/2021/01/29/business/us-economy-coronavirus |archive-date=January 29, 2021 |issn=0362-4331}}</ref>{{Update after|2021|2|18}}

====Congressional hearing====
On January 28, 2021, the [[United States House Committee on Financial Services|House Financial Services Committee]] announced that it would convene a [[United States congressional hearing|hearing]] to discuss online trading platforms.<ref>{{Cite news|last=Panetta|first=Grace|date=January 28, 2021|title=Democrats in Congress will hold at least 2 hearings about Wall Street's practices following the GameStop short-squeeze|work=[[Business Insider]]|url=https://www.msn.com/en-us/news/politics/democrats-in-congress-will-hold-at-least-2-hearings-about-wall-street-s-practices-following-the-gamestop-short-squeeze/ar-BB1dbCWi?ocid=ob-fb-enus-1541512262291&fbclid=IwAR0DsQZaVdJnRukWYc4Tzb59Op497RM48ec-Lm1D1xZmaEzhc2hqyszqYSs|url-status=live|access-date=January 28, 2021|archive-url=https://web.archive.org/web/20210129040712/https://www.msn.com/en-us/news/politics/democrats-in-congress-will-hold-at-least-2-hearings-about-wall-street-s-practices-following-the-gamestop-short-squeeze/ar-BB1dbCWi?ocid=ob-fb-enus-1541512262291|archive-date=January 29, 2021}}</ref><ref>{{cite web|title=Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide {{!}} Committee Repository {{!}} U.S. House of Representatives|url=https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207|url-status=live|archive-url=https://web.archive.org/web/20210218062224/https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207|archive-date=February 18, 2021|website=docs.house.gov}}</ref> On February 18, 2021, the committee, chaired by Representative [[Maxine Waters]], held a remote hearing titled ''Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide''.<ref name="NYT In GameStop Saga, Robinhood">{{cite news |last1=Popper |first1=Nathaniel |last2=Phillips |first2=Matt |title=In GameStop Saga, Robinhood Is Cast as the Villain |url=https://www.nytimes.com/2021/02/18/business/gamestop-robinhood-hearing.html |access-date=19 February 2021 |work=[[The New York Times]] |date=February 18, 2021 |archive-date=October 13, 2021 |archive-url=https://web.archive.org/web/20211013092219/https://www.nytimes.com/2021/02/18/business/gamestop-robinhood-hearing.html?searchResultPosition=1 |url-status=live }}</ref> Witnesses at the hearing included Reddit user and investor [[Keith Gill]], Citadel CEO [[Kenneth C. Griffin|Ken Griffin]], Reddit CEO [[Steve Huffman]], Melvin Capital CEO [[Gabe Plotkin]], [[Cato Institute]] financial regulation expert Jennifer J. Schulp, and Robinhood CEO [[Vlad Tenev]].<ref name="NYT In GameStop Saga, Robinhood" /><ref name="FT US lawmakers focus ire">{{cite news |last1=FT reporters |title=US lawmakers focus ire on Robinhood in GameStop recriminations |url=https://www.ft.com/content/3863ff7d-fa1c-4c62-a77a-55defcad11f6 |access-date=19 February 2021 |work=[[Financial Times]] |date=February 19, 2021 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219092315/https://www.ft.com/content/3863ff7d-fa1c-4c62-a77a-55defcad11f6 |url-status=live }}</ref> Representatives focused their attention on Robinhood's role in the event, asking Tenev why the brokerage had limited the trading of some securities and if it had clearly communicated its business model to its customers. They also questioned whether Robinhood was encouraging its customers to take excessive risks in order to generate a profit and whether it had the appropriate infrastructure and funding to handle influxes of new clients. Several committee members expressed skepticism at the practice of [[payment for order flow]] and pressed Griffin and Tenev on the issue.<ref name="NYT In GameStop Saga, Robinhood" /><ref name="FT US lawmakers focus ire" /><ref name="WSJ Robinhood, Citadel CEOs Grilled">{{cite news |last1=Kiernan |first1=Paul |last2=Rudegeair |first2=Peter |title=Robinhood, Citadel CEOs Grilled by Lawmakers in Wake of GameStop Saga |url=https://www.wsj.com/articles/robinhood-citadel-others-prepare-for-the-gamestop-spotlight-in-washington-11613655854?mod=hp_lead_pos1 |access-date=19 February 2021 |work=[[The Wall Street Journal]] |date=February 18, 2021 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219095526/https://www.wsj.com/articles/robinhood-citadel-others-prepare-for-the-gamestop-spotlight-in-washington-11613655854?mod=hp_lead_pos1 |url-status=live }}</ref> Representative [[Brad Sherman]] accused Griffin of trying to evade his questions. At various points during his initial testimony and questioning, Gill made references to [[Internet meme|memes]].<ref name="NYT In GameStop Saga, Robinhood" /><ref name="FT US lawmakers focus ire" /> Committee members also discussed increasing short-selling regulation.<ref name="WSJ Robinhood, Citadel CEOs Grilled" />

On March 17, 2021, the Financial Services Committee held a second hearing, which focused on the regulation of payment for order flow<ref name="NYTimes Congress hears testimony">{{cite news |last1=Phillips |first1=Matt |title=Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy. |url=https://www.nytimes.com/2021/03/17/business/gamestop-hearing.html |access-date=26 April 2021 |work=[[New York Times]] |date=March 17, 2021 |archive-date=April 26, 2021 |archive-url=https://web.archive.org/web/20210426191518/https://www.nytimes.com/2021/03/17/business/gamestop-hearing.html |url-status=live }}</ref> and [[gamification]] of investing.<ref name="Bloomberg Democrats Question Game">{{cite news |last1=Avis |first1=Daniel |title=Democrats Question Game-Like Trading Apps at House Hearing |url=https://www.bloomberg.com/news/articles/2021-03-17/democrats-eye-game-like-trading-apps-at-house-hearing-on-markets |access-date=26 April 2021 |work=[[Bloomberg News|Bloomberg]] |date=March 17, 2021 |archive-date=April 26, 2021 |archive-url=https://web.archive.org/web/20210426191517/https://www.bloomberg.com/news/articles/2021-03-17/democrats-eye-game-like-trading-apps-at-house-hearing-on-markets |url-status=live }}</ref>

=== Lawsuits ===
A Robinhood customer filed a [[class-action]] lawsuit against the company in federal court on January 28, 2021, for halting trading on GameStop.<ref name="CNNRobinhoodClassAction" /><ref name="The Hill 210128">{{Cite news |last=Mills Rodrigo |first=Chris |date=January 28, 2021 |title=Class-action lawsuit filed against Robinhood for restricting trading |work=[[The Hill (newspaper)|The Hill]] |url=https://thehill.com/policy/healthcare/536320-class-action-lawsuit-filed-against-robinhood-for-restricting-trading |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210128203812/https://thehill.com/policy/healthcare/536320-class-action-lawsuit-filed-against-robinhood-for-restricting-trading |archive-date=January 28, 2021}}</ref> The lawsuit claimed that Robinhood "purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market"; the lawsuit also accused Robinhood of "manipulating the open-market".<ref name="CNNRobinhoodClassAction" /><ref name="The Hill 210128" /> Several other investors began using the app [[DoNotPay]] to automatically join the lawsuit.<ref>{{Cite web |last=Adamczyk |first=Alicia |date=January 29, 2021 |title=Investors are using this app to automatically join the Robinhood class-action lawsuit amid GameStop chaos |url=https://www.cnbc.com/2021/01/29/app-robinhood-gamestop-class-action-lawsuit.html |url-status=live |archive-url=https://web.archive.org/web/20210130003415/https://www.cnbc.com/2021/01/29/app-robinhood-gamestop-class-action-lawsuit.html |archive-date=January 30, 2021 |access-date=January 30, 2021 |website=[[NBC News]]}}</ref><ref>{{Cite web |last=Cox |first=Joseph |date=January 28, 2021 |title=This App Lets You Automatically Join the Robinhood Class Action Lawsuit |url=https://www.vice.com/en/article/join-robinhood-class-action-lawsuit/ |url-status=live |archive-url=https://web.archive.org/web/20210130013444/https://www.vice.com/en/article/akdaj5/join-robinhood-class-action-lawsuit |archive-date=January 30, 2021 |access-date=January 30, 2021 |website=[[Vice (magazine)|Vice]]}}</ref>

A second class-action claimed that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers".<ref>{{Cite news |last1=Breuninger |first1=Kevin |last2=Franck |first2=Thomas |last3=Macias |first3=Amanda |date=January 28, 2021 |title=Robinhood customer sues trading app over GameStop restrictions |language=en |work=[[CNBC]] |url=https://www.cnbc.com/2021/01/28/robinhood-customer-sues-trading-app-over-gamestop-restrictions.html |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129003710/https://www.cnbc.com/2021/01/28/robinhood-customer-sues-trading-app-over-gamestop-restrictions.html |archive-date=January 29, 2021}}</ref><ref>{{Cite news |last=Ray |first=Siladitya |date=January 28, 2021 |title=Robinhood Faces Anger, Class-Action Suits And Political Pushback After Curbing Trade Of GameStop |language=en |work=[[Forbes]] |url=https://www.forbes.com/sites/siladityaray/2021/01/28/robinhood-faces-anger-class-action-suits-and-political-pushback-after-curbing-trade-of-gamestop/?sh=28919fba2016 |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129074502/https://www.forbes.com/sites/siladityaray/2021/01/28/robinhood-faces-anger-class-action-suits-and-political-pushback-after-curbing-trade-of-gamestop/?sh=28919fba2016 |archive-date=January 29, 2021}}</ref><ref>{{Cite news |date=January 28, 2021 |title=Customers sue Robinhood Financial over stock trade suspensions |language=en |work=[[Reuters]] |url=https://www.reuters.com/article/us-retail-trading-lawsuits-idUSKBN29X2QZ |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129074514/https://www.reuters.com/article/us-retail-trading-lawsuits-idUSKBN29X2QZ |archive-date=January 29, 2021}}</ref> Similarly, a man in Colorado filed a federal lawsuit against Robinhood as well as Citadel, Charles Schwab, Interactive Brokers, Open to the Public Investing, TD Ameritrade, and Webull, alleging he "was forced into a situation by which he was essentially forced to sale his equities at a drastically reduced position given the new market condition set by these supposedly neutral brokerage houses, taking significant losses and being incapable of trading in these publicly held equities that he had performed significant due diligence and research on, and relied upon over the course of his job as a day trader."<ref>{{Cite web |last=Gelardi |first=Liz |date=January 29, 2021 |title=Colorado man files federal lawsuit against Robinhood and other stock trading platforms |url=https://www.thedenverchannel.com/news/local-news/colorado-man-files-federal-lawsuit-against-robinhood-and-other-stock-trading-platforms |url-status=live |archive-url=https://web.archive.org/web/20210206143110/https://www.thedenverchannel.com/news/local-news/colorado-man-files-federal-lawsuit-against-robinhood-and-other-stock-trading-platforms |archive-date=February 6, 2021 |access-date=January 30, 2021 |website=[[KMGH-TV|KMGH]]}}</ref> As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits.<ref>{{Cite web |last=Kan |first=Michael |date=February 2, 2021 |title=Robinhood Now Faces Over 30 Class-Action Lawsuits for Blocking Stock Buys |url=https://www.pcmag.com/news/robinhood-now-faces-over-30-class-action-lawsuits-for-blocking-stock-buys |url-status=live |archive-url=https://web.archive.org/web/20210202165417/https://www.pcmag.com/news/robinhood-now-faces-over-30-class-action-lawsuits-for-blocking-stock-buys |archive-date=February 2, 2021 |access-date=February 2, 2021 |website=[[PCMag]]}}</ref><ref name="TampaFirms">{{Cite web |last=Cridlin |first=Jay |date=February 1, 2021 |title=After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app |url=https://www.tampabay.com/news/business/2021/02/01/after-gamestop-stock-frenzy-tampa-firms-join-rush-to-sue-robinhood-trading-app/ |url-status=live |archive-url=https://web.archive.org/web/20210206143110/https://www.tampabay.com/news/business/2021/02/01/after-gamestop-stock-frenzy-tampa-firms-join-rush-to-sue-robinhood-trading-app/ |archive-date=February 6, 2021 |access-date=February 1, 2021 |website=[[Tampa Bay Times|The Tampa Bay Times]]}}</ref>

The Judicial Panel on Multidistrict Litigation consolidated these and other lawsuits in the Southern District of Florida under the caption ''IN RE: January 2021 Short Squeeze Trading Litigation'', assigned to judge [[Cecilia Altonaga]].  In January 2022 Judge Altonaga ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. She had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities.<ref>{{cite news |last=Godoy |first=Jody |title=Court dismisses claims Robinhood wrongly restricted 'meme stock' trades |url=https://www.reuters.com/business/court-dismisses-claims-robinhood-wrongly-restricted-meme-stock-trades-2022-01-27/ |access-date=28 June 2022 |work=[[Reuters]] |date=27 January 2022 |archive-date=June 28, 2022 |archive-url=https://web.archive.org/web/20220628211647/https://www.reuters.com/business/court-dismisses-claims-robinhood-wrongly-restricted-meme-stock-trades-2022-01-27/ |url-status=live }}</ref>  As of September 2024 the remainder of the consolidated case is ongoing.<ref>{{cite court|litigants=IN RE: January 2021 Short Squeeze Trading Litigation|court=S. D. Fla.|url=https://www.courtlistener.com/docket/59783498/in-re-january-2021-short-squeeze-trading-litigation/}}</ref>

A lawsuit was filed in federal court in Massachusetts by securities class action firm [[Hagens Berman Sobol Shapiro]] on behalf of an investor against Keith Gill. The suit alleges Gill misrepresented himself as an amateur investor to inflate the stock price.<ref name="Bloomberg Roaring Kitty Sued">{{cite news |last1=Berthelsen |first1=Christian |title='Roaring Kitty' Sued for Securities Fraud Over GameStop Rise |url=https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise |access-date=17 February 2021 |work=[[Bloomberg News|Bloomberg]] |date=February 17, 2021 |archive-date=February 17, 2021 |archive-url=https://web.archive.org/web/20210217231931/https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise |url-status=live }}</ref>  The lawsuit was voluntarily dismissed two months later.<ref>{{cite court|litigants=Iovin v. Keith Patrick Gill|court=D. Mass.|url=https://storage.courtlistener.com/recap/gov.uscourts.mad.230710/gov.uscourts.mad.230710.6.0.pdf}}</ref>

=== Regulation ===

On February 8, 2021, the [[U.S. Securities and Exchange Commission]] released a sample letter providing guidance to companies seeking to [[Public offering#Stock offering|raise capital]] during periods of "extreme price volatility". It requires that companies outline the related risks in their financial disclosures and encourages companies to contact the SEC prior to launching such offerings.<ref name="WSJ SEC">{{Cite news |last=Maurer |first=Mark |date=February 8, 2021 |title=SEC Urges Company Disclosures on Fundraising During Market Frenzy |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/sec-urges-company-disclosures-on-fundraising-during-market-frenzy-11612825077 |access-date=February 10, 2021 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209235302/https://www.wsj.com/articles/sec-urges-company-disclosures-on-fundraising-during-market-frenzy-11612825077 |url-status=live }}</ref><ref name="BloomTax 210208">{{Cite news |last=Ramonas |first=Andrew |date=February 8, 2021 |title=SEC Warns Companies About Stock Price Volatility Disclosures |work=[[Bloomberg News|Bloomberg Tax]] |url=https://news.bloombergtax.com/financial-accounting/sec-warns-companies-about-stock-price-volatility-disclosures |access-date=February 10, 2021 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209173019/https://news.bloombergtax.com/financial-accounting/sec-warns-companies-about-stock-price-volatility-disclosures |url-status=live }}</ref><ref name="SEC 210208">{{Cite web |last=[[U.S. Securities and Exchange Commission]] |title=Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility |url=https://www.sec.gov/corpfin/sample-letter-securities-offerings-during-extreme-price-volatility |access-date=February 10, 2021 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209212544/https://www.sec.gov/corpfin/sample-letter-securities-offerings-during-extreme-price-volatility |url-status=live }}</ref>

In reaction to the short squeeze, some [[Democratic Party (United States)|Democratic]] politicians have expressed support for a [[Financial transaction tax|financial transactions tax]], arguing that it would raise revenue and curb speculative betting.<ref name="Bloomberg Wall Street Transaction">{{cite news |last1=Light |first1=Joe |title=Wall Street Transaction Tax Gets Fresh Look After GameStop Frenzy |url=https://www.bloomberg.com/news/articles/2021-02-19/wall-street-transaction-tax-gets-fresh-look-after-gamestop-furor |access-date=1 April 2021 |work=[[Bloomberg News|Bloomberg]] |date=February 19, 2021 |archive-date=April 16, 2021 |archive-url=https://web.archive.org/web/20210416191330/https://www.bloomberg.com/news/articles/2021-02-19/wall-street-transaction-tax-gets-fresh-look-after-gamestop-furor |url-status=live }}</ref><ref name="CNN After the GameStop">{{cite news |last1=Egan |first1=Matt |title=After the GameStop fiasco, momentum builds for an $800 billion tax |url=https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html |access-date=1 April 2021 |work=[[CNN]] |date=February 23, 2021 |archive-date=March 6, 2021 |archive-url=https://web.archive.org/web/20210306060045/https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html |url-status=live }}</ref><ref name="WSJ GameStop Frenzy Emboldens">{{cite news |last1=Osipovitch |first1=Alexander |title=GameStop Frenzy Emboldens Supporters of Stock-Trading Tax |url=https://www.wsj.com/articles/gamestop-frenzy-emboldens-supporters-of-stock-trading-tax-11615132800 |access-date=1 April 2021 |work=[[The Wall Street Journal]] |issue=March 7, 2021 |archive-date=March 20, 2021 |archive-url=https://web.archive.org/web/20210320200442/https://www.wsj.com/articles/gamestop-frenzy-emboldens-supporters-of-stock-trading-tax-11615132800 |url-status=live }}</ref>

In June 2022, a 140-page report<ref name="us_house_comm_finsrv_report_2022_06">
{{Cite report 
|author=United States House Cmte. On Financial Services
|url=https://financialservices.house.gov/uploadedfiles/6.22_hfsc_gs.report_hmsmeetbp.irm.nlrf.pdf
|archive-url=https://web.archive.org/web/20221010235844/https://financialservices.house.gov/uploadedfiles/6.22_hfsc_gs.report_hmsmeetbp.irm.nlrf.pdf 
|access-date=2022-10-10 
|archive-date=2022-10-10
|date=2022-06-22
|title=Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform
|url-status=live }}</ref> released by the [[United States House Committee on Financial Services]] called for the Securities and Exchange Commission and the Financial Industry Regulatory Authority to craft new rules to address market risks highlighted by the events of January 2021, including a liquidity rule and framework governing liquidity planning for clearing brokers.<ref>{{cite news |last1=Johnson |first1=Katanga|last2=Mccrank|first2=John|title=U.S. congressional panel calls for crackdown after 'meme-stock' saga |url=https://www.reuters.com/legal/transactional/us-congressional-panel-calls-new-trading-rules-after-meme-stock-saga-2022-06-24/
 |access-date=28 June 2022 |work=[[Reuters]] |date=24 June 2022}}</ref>

=== Scientific research ===

In January 2024, researchers from universities in Italy and Denmark concluded that there was a causal link between the Reddit/Twitter activity and the movements in the stock price.<ref>{{cite news |last=Appel |first=David |date=27 Feb 2024 |title=Researchers show Reddit users caused the famous GameStop 'short squeeze' |url=https://phys.org/news/2024-02-reddit-users-famous-gamestop-short.html?ref=actualnews.dk |url-status=live |access-date=Apr 23, 2024 |work=[[Phys.org]] |archive-date=March 11, 2024 |archive-url=https://web.archive.org/web/20240311060143/https://phys.org/news/2024-02-reddit-users-famous-gamestop-short.html?ref=actualnews.dk }}</ref>

=== 2024 rally ===
On  May 12, 2024, [[Keith Gill]] (a.k.a. DeepFuckingValue, Roaring Kitty) posted to [[Twitter, Inc.|X]] an image of a person leaning forward in a chair. This caused the GameStop stock price to rise from under $14 to over $48, though Gill's post did not mention GameStop.  GameStop benefitted from this by issuing more stock at over $20, raising over $900,000,000.<ref>{{cite news |last1=Levine |first1=Matt |title=Money Stuff: GameStop |url=https://news.bloomberglaw.com/banking-law/matt-levines-money-stuff-archegos-sent-goldman-some-free-money |access-date=31 May 2024 |agency=Bloomberg |date=28 May 2024}}</ref><ref>{{cite news |date=13 May 2024 |title=Roaring Kitty is back and so are meme stocks. GameStop and AMC surge like it's 2021 |url=https://apnews.com/article/meme-roaring-kitty-gamestop-amc-stocks-401916acd3715d35cc0220143b26b2ac |url-status=live |access-date=May 14, 2024 |work=[[AP News]] |archive-date=May 13, 2024 |archive-url=https://web.archive.org/web/20240513232105/https://apnews.com/article/meme-roaring-kitty-gamestop-amc-stocks-401916acd3715d35cc0220143b26b2ac }}</ref><ref>{{Cite web |last=Katje |first=Chris |title=Roaring Kitty X Account Follower Account Up Over 100%: How Much Ad Revenue Do GameStop Memes, Videos Generate? - GameStop (NYSE:GME) |url=https://www.benzinga.com/general/social-media/24/05/38902044/roaring-kitty-x-account-follower-account-up-over-100-how-much-ad-revenue-do-gamestop-memes-v |access-date=2024-05-18 |website=Benzinga |language=English}}</ref> Other stocks such as AMC, BlackBerry, and Virgin Galactic also experienced major increases during this time period.<ref>{{Cite web |last=Sherter |first=Alain |date=2024-05-15 |title=GameStop shares slide as meme stock fervor fades - CBS News |url=https://www.cbsnews.com/news/gamestop-stock-meme-stock-roaring-kitty-keith-gill/ |access-date=2024-05-15 |website=www.cbsnews.com |language=en-US |archive-date=May 15, 2024 |archive-url=https://web.archive.org/web/20240515145410/https://www.cbsnews.com/news/gamestop-stock-meme-stock-roaring-kitty-keith-gill/ |url-status=live }}</ref>

==Reactions==
===Political figures===
{{Tweet|name=[[Alexandria Ocasio-Cortez]]|width=350px|username=AOC |image=Alexandria Ocasio-Cortez Official Portrait.jpg|date=January 28, 2021|text=This is unacceptable. We now need to know more about [[Robinhood (company)|@RobinhoodApp]]'s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the [[United States House Committee on Financial Services|Financial Services Cmte]], I'd support a hearing if necessary.|ID=1354830697459032066|reference=<ref>{{Cite news |last1=Bernard |first1=Tara Siegel |last2=Friedman |first2=Gillian |date=January 28, 2021 |title=Robinhood Says it Will Reallow GameStop Trades |work=[[The New York Times]] |url=https://www.nytimes.com/2021/01/28/business/robinhood-gamestop-restrictions.html |url-status=live |access-date=January 30, 2021 |archive-url=https://web.archive.org/web/20210128181848/https://www.nytimes.com/2021/01/28/business/robinhood-gamestop-restrictions.html |archive-date=January 28, 2021}}</ref>}}
A variety of politicians and commentators across the political spectrum made statements in support of those driving up the price of GameStop and other stocks, as well as against Robinhood and other companies' decision to limit these trades, including Representative [[Alexandria Ocasio-Cortez]],<ref name="AOCTweet" /> Senator [[Ted Cruz]]<!--replying to AOC-->,<ref name="tedcruzTweet" /> Representatives [[Ro Khanna]],<ref>{{Cite web |last=Zeballos-Roig |first=Joseph |title=A leading progressive Democrat slams Robinhood's move to restrict trading on some stocks after Reddit-fueled surge |url=https://www.businessinsider.com/ro-khanna-slams-robinhood-trading-restriction-reddit-traders-amc-gamestop-2021-1 |url-status=live |archive-url=https://web.archive.org/web/20210203205715/https://www.businessinsider.com/ro-khanna-slams-robinhood-trading-restriction-reddit-traders-amc-gamestop-2021-1 |archive-date=February 3, 2021 |access-date=February 3, 2021 |website=Business Insider}}</ref> [[Ted Lieu]],<ref name="tedlieuTweet" /> and [[Rashida Tlaib]],<ref name="RashidaTlaibTweet" /> [[Fox Business]] host [[Charles Payne (television personality)|Charles Payne]],<ref name="AutoFB-12" /> and conservative political commentators [[Rush Limbaugh]],<ref>{{Cite web |last=Flood |first=Brian |date=January 28, 2021 |title=Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting |url=https://www.foxnews.com/media/rush-limbaugh-gamestop-story-mirrors-politics-elites-attempt-regular-people-benefiting |url-status=live |archive-url=https://web.archive.org/web/20210128200814/https://www.foxnews.com/media/rush-limbaugh-gamestop-story-mirrors-politics-elites-attempt-regular-people-benefiting |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Fox News]]}}</ref> [[Ben Shapiro]],<ref name="benshapiroTweet" /> and [[Donald Trump Jr.]]<ref name="DonaldJTrumpJrTweet" /><ref>{{Cite web |last1=Christen Jones |first1=Zoe |last2=Carissimo |first2=Justin |date=January 28, 2021 |title=Robinhood restricts trading of GameStop stock, drawing criticism from lawmakers |url=https://www.cbsnews.com/news/robinhood-block-trading-of-gamestop-stock/ |url-status=live |archive-url=https://web.archive.org/web/20210129040711/https://www.cbsnews.com/news/robinhood-block-trading-of-gamestop-stock/ |archive-date=January 29, 2021 |access-date=January 28, 2021 |website=[[CBS News]]}}</ref>

[[File:01.29.2021 Letter from Senator Warren to Acting Chair Lee.pdf|thumb|left|upright=0.85|January 29 letter from Senator [[Elizabeth Warren]] to [[U.S. Securities and Exchange Commission]] Acting Chair [[Allison Lee]] regarding the GameStop short squeeze]]
Senator [[Elizabeth Warren]] criticized both the short sellers and the buyers, and argued that more regulation was needed. She stated that the large investors and hedge funds who were criticizing the rally "have treated the stock market like their own personal casino while everyone else pays the price".<ref name="BusinessInsiderWarrenAOC" /> She also called for stronger regulatory action from the [[U.S. Securities and Exchange Commission]] "to ensure that markets reflect real value, rather than the highly leveraged bets of wealthy traders or those who seek to inflict financial damage on those traders."<ref>{{Cite web |last=Lane |first=Sylvan |date=January 29, 2021 |title=Warren calls on SEC to crackdown on market manipulation, explain GameStop rally |url=https://thehill.com/policy/finance/536517-warren-calls-on-sec-to-crackdown-on-market-manipulation-explain-gamestop-rally |url-status=live |archive-url=https://web.archive.org/web/20210130044530/https://thehill.com/policy/finance/536517-warren-calls-on-sec-to-crackdown-on-market-manipulation-explain-gamestop-rally |archive-date=January 30, 2021 |access-date=January 21, 2021 |website=[[The Hill (newspaper)|The Hill]]}}</ref><ref>{{Cite web |last=Franck |first=Thomas |date=January 28, 2021 |title='You've got to have a cop on the beat': Elizabeth Warren slams SEC over GameStop chaos |url=https://www.cnbc.com/2021/01/28/elizabeth-warren-gamestop-robinhood-market-manipulation.html |url-status=live |archive-url=https://web.archive.org/web/20210128234318/https://www.cnbc.com/2021/01/28/elizabeth-warren-gamestop-robinhood-market-manipulation.html |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[CNBC]]}}</ref>

In an interview with CNBC, [[Massachusetts Secretary of the Commonwealth]] [[William F. Galvin]] criticized the investors' behavior as based on reckless speculation and called for a 30-day suspension of trading GME stock, stating "I think we've all recognized the current pandemic has created a unique situation where many have gotten into day-trading and really have no idea exactly what they're doing ... I think small-time investors like that, unsophisticated investors, are going to be hurt by this."<ref>{{Cite web |last=Stankiewicz |first=Kevin |date=January 27, 2021 |title=Massachusetts regulator says GameStop speculation is a danger to the whole market, as TD Ameritrade restricts trading |url=https://www.cnbc.com/2021/01/27/gamestop-speculation-is-danger-to-whole-market-massachusetts-regulator.html |url-status=live |archive-url=https://web.archive.org/web/20210130015016/https://www.cnbc.com/2021/01/27/gamestop-speculation-is-danger-to-whole-market-massachusetts-regulator.html |archive-date=January 30, 2021 |access-date=January 30, 2021 |website=CNBC |language=en}}</ref> In another CNBC interview joined by Canadian businessman and ''[[Shark Tank]]'' investor [[Kevin O'Leary]], O'Leary disputed Galvin's assertions, saying that real-world education was positive; that the risk of being targeted by "social media vigilantes" would dissuade hedge funds from aggressively selling short stocks; and zero-[[Commission (remuneration)|commission]] [[Stockbroker|brokerage]] apps such as Robinhood had sparked a growing interest in retail investing.<ref>{{Cite web |last=Stankiewicz |first=Kevin |date=January 29, 2021 |title=Kevin O'Leary cheers GameStop frenzy despite risk as 'real world' lesson for novice investors |url=https://www.cnbc.com/2021/01/29/mr-wonderful-kevin-oleary-cheers-gamestop-frenzy-despite-risk-as-real-world-lesson-.html |url-status=live |archive-url=https://web.archive.org/web/20210129182959/https://www.cnbc.com/2021/01/29/mr-wonderful-kevin-oleary-cheers-gamestop-frenzy-despite-risk-as-real-world-lesson-.html |archive-date=January 29, 2021 |access-date=January 30, 2021 |website=CNBC |language=en}}</ref>

On January 28, [[New York State Comptroller]] [[Thomas DiNapoli]] told reporters that the [[New York State Common Retirement|state pension fund]], which had 647,500 shares in March 2020, had sold off hundreds of thousands of shares since then, benefiting from the squeeze.<ref>{{Cite web |date=January 28, 2021 |title=DiNapoli: NYS Pension Fund Favored from Increase in Value of GameStop's Stock |url=https://spectrumlocalnews.com/nys/central-ny/capital-tonight/2021/01/29/dinapoli--nys-pension-fund-favored-from-increase-in-value-of-gamestop-s-stock |url-status=live |archive-url=https://web.archive.org/web/20210129152325/https://spectrumlocalnews.com/nys/central-ny/capital-tonight/2021/01/29/dinapoli--nys-pension-fund-favored-from-increase-in-value-of-gamestop-s-stock |archive-date=January 29, 2021 |access-date=January 30, 2021 |website=[[Spectrum News]]}}</ref>

=== Public figures ===
In a [[CNBC]] interview, 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."<ref name="MarketWatchOccupyReddit" /> Numerous journalists have also drawn comparison to the [[Occupy movement]].<ref name="cheng" /><ref name="BloombergOccupy" /><ref name="evans" /> Similar sentiments sympathetic for the retail investors were expressed by billionaire investors [[Mark Cuban]]<ref name="Auto9F-4" /> and [[Chamath Palihapitiya]].<ref name="chamath">{{Cite tweet |number=1354947541125611526 |user=chamath |title=I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. Why? Optimize for integrity whenever possible because integrity compounds and assholes will fuck you. #DeleteRobinhood |date=January 28, 2021 |archive-url=https://archive.today/20210129184951/https://twitter.com/chamath/status/1354947541125611526 |archive-date=January 29, 2021 |link=https://twitter.com/chamath/status/1354947541125611526 |first=Chamath |last=Palihapitiya}}</ref> Palihapitiya, who passed on early investment opportunities in Robinhood, opined that the founding co-CEOs, [[Baiju Bhatt]] and [[Vladimir Tenev]], lacked integrity and urged his followers to delete the app.<ref name="chamath" /> [[OpenAI]] CEO [[Sam Altman]] suggested the company change its name.<ref>{{Cite tweet |number=1354842339336835074 |user=sama |title=fuck robinhood must change name imo |retweet=875 |date=January 28, 2021 |archive-url=https://archive.today/20210128195110/https://twitter.com/sama/status/1354842339336835074 |archive-date=January 28, 2021 |link=https://twitter.com/sama/status/1354842339336835074 |first=Sam |last=Altman}}</ref> [[SpaceX]] and [[Tesla, Inc.|Tesla]] CEO [[Elon Musk]] also criticized the general practice of stock shorting, calling it a "scam legal only for vestigial reasons"<ref name=":0">{{Cite news |last=Graziosi |first=Graig |date=January 28, 2021 |title=Elon Musk lashes out at short sellers during GameStop market war |language=en |work=[[The Independent]] |url=https://www.independent.co.uk/news/world/americas/elon-musk-short-sellers-gamestop-b1794444.html |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129040712/https://www.independent.co.uk/news/world/americas/elon-musk-short-sellers-gamestop-b1794444.html |archive-date=January 29, 2021}}</ref> A number of major hedge funds had previously shorted Tesla, incurring losses of more than $40 billion as the stock rose considerably.<ref name=":0" />

Several celebrities and influencers also criticized Robinhood. Actor and rapper [[Ja Rule]], who had used Robinhood since 2014, said what the company did was "a fucking CRIME"<ref>{{Cite web |last=Irrera |first=Anna |date=January 29, 2021 |title=Robinhood in eye of GameStop storm |url=https://www.reuters.com/article/us-retail-trading-robinhood-anger-idUSKBN29X33D |url-status=live |archive-url=https://web.archive.org/web/20210129040728/https://www.reuters.com/article/us-retail-trading-robinhood-anger-idUSKBN29X33D |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Reuters]]}}</ref> and called the situation "an uprising".<ref>{{Cite magazine |last=Wang |first=Amy X. |date=January 28, 2021 |title=Ja Rule, a Robinhood User Since 2014, Calls GameStop an 'Uprising' |magazine=[[Rolling Stone]] |url=https://www.rollingstone.com/pro/features/ja-rule-robinhood-gamestop-1120432/ |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129040813/https://www.rollingstone.com/pro/features/ja-rule-robinhood-gamestop-1120432/ |archive-date=January 29, 2021}}</ref> Comedian and television host [[Jon Stewart]], after joining Twitter, expressed support for the Reddit traders in his first tweet, stating "they're joining a party Wall Street insiders have been enjoying for years".<ref>{{Cite web |last=Kallingal |first=Mallika |date=January 29, 2021 |title=Jon Stewart joins Twitter and defends the Redditors |url=https://www.cnn.com/2021/01/29/us/jon-stewart-twitter-reddit-gamestop-trnd/index.html |url-status=live |archive-url=https://web.archive.org/web/20210129122907/https://www.cnn.com/2021/01/29/us/jon-stewart-twitter-reddit-gamestop-trnd/index.html |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[CNN]]}}</ref> Late night host [[Jimmy Kimmel]] criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? Is that you?"; the tweet was later deleted,<ref>{{Cite web |last=Wulfsohn |first=Joseph A. |date=February 1, 2021 |title=Jimmy Kimmel deletes tweet suggesting Jon Stewart sounded like Trump by backing GameStop traders |url=https://www.foxnews.com/entertainment/jimmy-kimmel-deletes-tweet-jon-stewart-trump-gamestop |url-status=live |archive-url=https://web.archive.org/web/20210202000152/https://www.foxnews.com/entertainment/jimmy-kimmel-deletes-tweet-jon-stewart-trump-gamestop |archive-date=February 2, 2021 |access-date=February 2, 2021 |website=[[Fox News]]}}</ref> Kimmel later called the Redditors "Russian disruptors" on [[Jimmy Kimmel Live!|his show]].<ref>{{Cite web |last=Nolan |first=Emma |date=February 1, 2021 |title=Jimmy Kimmel Sparks Anger For Calling Reddit Investors 'Russian Disruptors' |url=https://www.newsweek.com/jimmy-kimmel-anger-reddit-wall-street-russian-disruptors-1565782 |url-status=live |archive-url=https://web.archive.org/web/20210202012129/https://www.newsweek.com/jimmy-kimmel-anger-reddit-wall-street-russian-disruptors-1565782 |archive-date=February 2, 2021 |access-date=February 2, 2021 |website=[[Newsweek]]}}</ref> [[YouTuber]] [[Philip DeFranco]] announced he would be dropping his partnership with Robinhood, saying "Robinhood is never getting a fucking spot on my show again regardless of the offer."<ref>{{Cite news |last=Hodjat |first=Arya |date=January 28, 2021 |title=Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising |language=en |work=[[The Daily Beast]] |url=https://www.thedailybeast.com/robinhood-hit-with-class-action-after-trying-to-shut-down-wallstreetbets-gamestop-uprising |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128200828/https://www.thedailybeast.com/robinhood-hit-with-class-action-after-trying-to-shut-down-wallstreetbets-gamestop-uprising |archive-date=January 28, 2021}}</ref> [[Barstool Sports]] founder [[David Portnoy]] also criticized Robinhood for its lack of "free trading".<ref>{{Cite news |last=Blasi |first=Weston |date=January 28, 2021 |title=Mark Cuban, Dave Portnoy, AOC and others react to Robinhood restricting trades on GameStop and AMC |work=[[MarketWatch]] |url=https://www.marketwatch.com/story/mark-cuban-dave-portnoy-aoc-and-others-react-to-robinhood-restricting-trades-on-gamestop-and-amc-11611855658 |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210128211922/https://www.marketwatch.com/story/mark-cuban-dave-portnoy-aoc-and-others-react-to-robinhood-restricting-trades-on-gamestop-and-amc-11611855658 |archive-date=January 28, 2021}}</ref> More generally, it was recognized that Wall Street was now subject to the same populist vigor (afforded by [[Internet]] connectivity) as the entertainment industry, politics, and so on.<ref>{{Cite news |last=Roose |first=Kevin |author-link=Kevin Roose |date=January 29, 2021 |title=Wall Street may never be the same after GameStop saga |work=[[The New York Times]] |url=https://www.smh.com.au/business/companies/wall-street-may-never-be-the-same-after-gamestop-saga-20210129-p56xq4.html |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129043316/https://www.smh.com.au/business/companies/wall-street-may-never-be-the-same-after-gamestop-saga-20210129-p56xq4.html |archive-date=January 29, 2021}}</ref>{{additional citation needed |date=February 2021 |reason=More sources need to affirm a "general" statement if it's supposed to describe the overall reaction}}

However, investor [[Michael Burry]], who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous".<ref name="Bloomberg Burry" /> In a CNBC interview, billionaire investor and hedge fund manager [[Leon Cooperman]] angrily criticized the Reddit users' market behavior, calling it a result of the [[U.S. federal government response to the COVID-19 pandemic|federal response to the pandemic]] and stating that it would "end in tears" for the retail investors.<ref>{{Cite web |last=DePaolo |first=Joe |date=January 28, 2021 |title='BULLSH*T!' Hedge Fund Billionaire Leon Cooperman Rages at Robinhood Traders Driving Up GameStop Stock: 'They Have No Idea What They're Doing' |url=https://www.mediaite.com/news/bullsht-hedge-fund-billionaire-leon-cooperman-rages-over-gamestop-surge-rips-small-investors-for-having-no-idea-what-theyre-doing/ |url-status=live |archive-url=https://web.archive.org/web/20210129041023/https://www.mediaite.com/news/bullsht-hedge-fund-billionaire-leon-cooperman-rages-over-gamestop-surge-rips-small-investors-for-having-no-idea-what-theyre-doing/ |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Mediaite]] |language=en}}</ref><ref>{{Cite web |last=Stankiewicz |first=Kevin |date=January 28, 2021 |title=Leon Cooperman on GameStop Reddit speculators: 'I'm not damning them' but it will 'end in tears' |url=https://www.cnbc.com/2021/01/28/leon-cooperman-on-gamestop-reddit-speculators-im-not-damning-them-but-it-will-end-in-tears.html |url-status=live |archive-url=https://web.archive.org/web/20210128235948/https://www.cnbc.com/2021/01/28/leon-cooperman-on-gamestop-reddit-speculators-im-not-damning-them-but-it-will-end-in-tears.html |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=[[CNBC]] |language=en}}</ref>

In March 2021, it was reported that the former basketball player [[Michael Jordan]], who was among the most wealthy sports figures, had lost a major portion of his net worth on GameStop shares. His net worth, as reported by ''[[Forbes]]'', had declined by $500 million from its peak of $2.1 billion in 2019. Other co-owners of the [[Charlotte Hornets]] with Jordan also experienced heavy losses due to short positions on GameStop, being forced into tens of billions of dollars of debt as a result.<ref>{{cite news |url=https://thesportsrush.com/nba-news-michael-jordan-is-down-500-million-a-glance-at-the-bulls-legends-forbes-profile-shows-a-marked-decrease-in-his-2019-net-worth-of-2-1-billion/?amp |title='Michael Jordan is down $500 million': A glance at the Bulls legend's Forbes profile shows a marked decrease in his 2019 net worth of $2.1 billion |website=[[The Sports Rush]] |date=March 24, 2021 |access-date=March 25, 2021 |first=Amulya |last=Shekhar |archive-date=March 24, 2021 |archive-url=https://web.archive.org/web/20210324190520/https://thesportsrush.com/nba-news-michael-jordan-is-down-500-million-a-glance-at-the-bulls-legends-forbes-profile-shows-a-marked-decrease-in-his-2019-net-worth-of-2-1-billion/?amp |url-status=live }}</ref>

=== Retaliation and protests ===
Disgruntled users [[Review bomb|review-bombed]] the [[Robinhood (company)|Robinhood]] app on the [[Google Play Store]] after it halted the trading of GameStop securities, pushing its ratings down to [[star (classification)|one star]].<ref name="RobinHoodGooglePlay" /> Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic".<ref>{{Cite web |last=Novak |first=Matt |date=January 29, 2021 |title=Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users |url=https://gizmodo.com/google-deletes-100-000-negative-reviews-of-robinhood-ap-1846156699 |url-status=live |archive-url=https://web.archive.org/web/20210129080150/https://gizmodo.com/google-deletes-100-000-negative-reviews-of-robinhood-ap-1846156699 |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Gizmodo]]}}</ref> However, after another round of negative reviews on the app dropping it to a 1.1-star rating, Google confirmed that the new reviews do not violate Google policies and will not be removed.<ref>{{Cite news |last=Gartenberg |first=Chaim |date=February 1, 2021 |title=Robinhood plummets back down to a one-star rating on Google Play |work=[[The Verge]] |url=https://www.theverge.com/2021/2/1/22261178/robinhood-google-play-store-app-rating-one-star-reviews-stocks-gamestop-reddit |url-status=live |access-date=February 4, 2021 |archive-url=https://web.archive.org/web/20210203230327/https://www.theverge.com/2021/2/1/22261178/robinhood-google-play-store-app-rating-one-star-reviews-stocks-gamestop-reddit |archive-date=February 3, 2021}}</ref> Protesters also showed up outside Robinhood headquarters in [[Menlo Park, California]], at the [[Securities and Exchange Commission]] headquarters in [[Washington, D.C.]], and the [[New York Stock Exchange]].<ref>{{Cite web |last=Manfredi |first=Lucas |date=January 28, 2021 |title=Protesters gather at Robinhood HQ, SEC, NYSE |url=https://www.foxbusiness.com/markets/protesters-gather-at-robinhood-hq-nyse-in-response-to-restricted-stock-trades |url-status=live |archive-url=https://web.archive.org/web/20210129022349/https://www.foxbusiness.com/markets/protesters-gather-at-robinhood-hq-nyse-in-response-to-restricted-stock-trades |archive-date=January 29, 2021 |access-date=January 29, 2021 |website=[[Fox Business]]}}</ref> Menlo Park police reported ten separate incidents related to protests at Robinhood headquarters from January 28 to February 9, including a man throwing animal feces at the building's front door.<ref>{{Cite web |last1=Khorram |first1=Yasmin |last2=Rooney |first2=Kate |date=February 11, 2021 |title=Angry customers show up at Robinhood's headquarters in the wake of GameStop trading chaos |url=https://www.cnbc.com/2021/02/11/angry-customers-show-up-at-robinhoods-headquarters-in-the-wake-of-gamestop-chaos.html |access-date=February 11, 2021 |website=[[CNBC]] |archive-date=February 11, 2021 |archive-url=https://web.archive.org/web/20210211202445/https://www.cnbc.com/2021/02/11/angry-customers-show-up-at-robinhoods-headquarters-in-the-wake-of-gamestop-chaos.html |url-status=live }}</ref>

''[[The Wall Street Journal]]'' reported that short seller and Citron Research editor Andrew Left was being [[Cyberbullying|targeted online]], including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language".<ref>{{Cite news |last1=Zuckerman |first1=Gregory |last2=Rogow |first2=Geoffrey |date=January 27, 2021 |title=The GameStop Short Squeeze Shows an Ugly Side of the Investing World |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-stock-short-squeeze-ugly-side-11611750250 |url-status=dead |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127142123/https://www.wsj.com/articles/gamestop-stock-short-squeeze-ugly-side-11611750250 |archive-date=January 27, 2021 |issn=0099-9660}}</ref><ref>{{Cite web |last=Winck |first=Ben |date=January 27, 2021 |title=GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses |url=https://www.businessinsider.com/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1 |url-status=live |archive-url=https://web.archive.org/web/20210130044530/https://markets.businessinsider.com/news/stocks/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1-1030010382 |archive-date=January 30, 2021 |access-date=January 27, 2021 |website=[[Business Insider]] |language=en-us}}</ref><ref>{{Cite web |last=Fineman |first=Josh |date=January 27, 2021 |title=Citron Research covered majority of GameStop short position in $90s/share |url=https://seekingalpha.com/news/3654791-citron-research-covered-majority-of-gamestop-short-position-in-90sshare |url-status=live |archive-url=https://web.archive.org/web/20210127115643/https://seekingalpha.com/news/3654791-citron-research-covered-majority-of-gamestop-short-position-in-90sshare |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[Seeking Alpha]] |language=en}}</ref> Several financial executives hired additional security due to online threats. Gabe Plotkin of Melvin Capital hired security after facing [[Antisemitism|anti-semitic]] slurs and threats.<ref name="NYT Short sellers">{{Cite news |last=Kelly |first=Kate |date=February 8, 2021 |title=Wall Street's Most Reviled Investors Worry About Their Fate |work=[[The New York Times]] |url=https://www.nytimes.com/2021/02/08/business/wall-street-short-sellers-game-stop.html |access-date=February 11, 2021 |archive-date=March 2, 2021 |archive-url=https://web.archive.org/web/20210302112648/https://www.nytimes.com/2021/02/08/business/wall-street-short-sellers-game-stop.html?searchResultPosition=7 |url-status=live }}</ref><ref name="Yahoo Security" /> [[Steve Cohen (businessman)|Steve Cohen]] deleted his Twitter account after threats to his family.<ref name="Yahoo Security">{{Cite news |last1=Parmar |first1=Hema |last2=Melin |first2=Anders |date=February 5, 2021 |title=Death Threats and Hate Force Hedge Funds to Step Up Security |work=[[Yahoo Finance]] |url=https://finance.yahoo.com/news/death-threats-hate-force-hedge-125914926.html |url-status=live |archive-url=https://web.archive.org/web/20210205163924/https://finance.yahoo.com/news/death-threats-hate-force-hedge-125914926.html |archive-date=February 5, 2021}}</ref>

=== Alleged conflict of interest between Robinhood and Citadel ===
{{See also|Citadel LLC#Regulatory issues}}

[[File:The Citadel Center, Chicago Loop, Chicago, Illinois (11004378483).jpg|thumb|right|[[Citadel LLC|Citadel]]'s Chicago headquarters. Users on Reddit alleged a conflict of interest between the company and [[Robinhood (company)|Robinhood]].]]

Following the decision by brokerage firm Robinhood to halt the buying of stocks affected by the short squeeze, users on Reddit and other social media called in question its relationship with [[Citadel Securities]].<ref name="FT 210129"/><ref name="WaPo 210129">{{Cite news |last1=MacMillan |first1=Douglas |last2=Torbati |first2=Yeganeh |date=January 29, 2021 |title=Robinhood and Citadel's relationship comes into focus as Washington vows to examine stock-market moves |newspaper=[[The Washington Post]] |url=https://www.washingtonpost.com/business/2021/01/29/robinhood-citadel-gamestop-reddit/ |url-status=live |access-date=January 30, 2021 |archive-url=https://web.archive.org/web/20210129223928/https://www.washingtonpost.com/business/2021/01/29/robinhood-citadel-gamestop-reddit/ |archive-date=January 29, 2021}}</ref><ref name="FoxBus 210128">{{Cite news |last=Garber |first=Jonathan |date=January 28, 2021 |title=Citadel shoots down Robinhood link |work=[[Fox Business]] |url=https://www.foxbusiness.com/markets/citadel-shoots-down-robinhood-link |url-status=live |access-date=January 30, 2021 |archive-url=https://web.archive.org/web/20210129093132/https://www.foxbusiness.com/markets/citadel-shoots-down-robinhood-link |archive-date=January 29, 2021}}</ref> ''[[Bloomberg News]]'' had previously reported that 40 percent of Robinhood's revenue was derived from selling customer orders to [[market maker|market-making]] firms including [[Citadel Securities LLC|Citadel Securities]] and [[Two Sigma|Two Sigma Securities]], in a practice known as [[payment for order flow]].<ref name="BloombergRobinhoodControversial" /> ''[[The Washington Post]]'' reported that Robinhood routed more than half of its customer orders to Citadel, which was its largest market making partner by volume.<ref name="WaPo 210129" /> Citadel Securities is the sister company to Citadel LLC, which along with Point72 Asset Management invested $2.75 billion into Melvin Capital.<ref name="WSJ Citadel 210131">{{Cite news |last=Osipovitch |first=Alexander |date=January 31, 2021 |title=GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-frenzy-puts-spotlight-on-trading-giant-citadel-securities-11612089000?mod=searchresults_pos1&page=1 |url-status=live |access-date=January 31, 2021 |archive-url=https://web.archive.org/web/20210206143107/https://www.wsj.com/articles/gamestop-frenzy-puts-spotlight-on-trading-giant-citadel-securities-11612089000?mod=searchresults_pos1&page=1 |archive-date=February 6, 2021}}</ref><ref name="Bloomberg Citadel 210131">{{Cite news |last1=Burton |first1=Katherine |last2=Natarajan |first2=Sridhar |date=January 31, 2021 |title=The Citadel Link: What Ken Griffin Has to Do With GameStop |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-31/the-citadel-link-what-ken-griffin-has-to-do-with-gamestop?srnd=premium-europe |access-date=January 31, 2021 }}</ref> As Robinhood restricted trading of GameStop shares, users alleged that Citadel Securities directed Robinhood to do so. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel.<ref name="FT 210129" /><ref name="WaPo 210129" /><ref name="FoxBus 210128" /><ref name="cnbc-fitzgerald"/> In November, a U.S. District Court dismissed a class action lawsuit ruling that investors failed to show collusion.<ref>{{cite news |last1=Doherty |first1=Katherine |last2=Massa |first2=Annie |title=Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit |url=https://www.bloomberg.com/news/articles/2021-11-18/robinhood-citadel-securities-get-meme-stock-lawsuit-dismissed/ |access-date=29 June 2022 |work=[[Bloomberg News]] |date=18 November 2021 |archive-date=January 11, 2022 |archive-url=https://web.archive.org/web/20220111023459/https://www.bloomberg.com/news/articles/2021-11-18/robinhood-citadel-securities-get-meme-stock-lawsuit-dismissed |url-status=live }}</ref>

During the February 18 hearing held by the [[United States House Committee on Financial Services|House Financial Services Committee]], Citadel CEO [[Kenneth C. Griffin|Kenneth Griffin]] and Robinhood CEO [[Vlad Tenev]] faced questioning regarding their relationship and denied that the limits imposed on the trading of GameStop shares had been requested by Citadel.<ref name="NYT In GameStop Saga, Robinhood" /><ref name="FT US lawmakers focus ire" />

====Internal communications revealed====

On September 27, 2021, Citadel released a statement through Twitter rejecting "Internet conspiracies and Twitter mobs" that alleged the firm pushed Robinhood to limit trading in GameStop.<ref>{{cite news |last1=Doherty |first1=Katherine |title=Citadel Securities Says It Learned of Trading Curbs on Twitter |url=https://www.bloomberg.com/news/articles/2021-09-30/citadel-securities-says-it-learned-of-trading-curbs-on-twitter |access-date=1 October 2021 |work=Bloomberg |date=September 30, 2021 |archive-date=October 1, 2021 |archive-url=https://web.archive.org/web/20211001004345/https://www.bloomberg.com/news/articles/2021-09-30/citadel-securities-says-it-learned-of-trading-curbs-on-twitter |url-status=live }}</ref> The statement was made as the hashtag #KenGriffinLied was trending on said platform, in which users accused Citadel's CEO [[Kenneth C. Griffin|Ken Griffin]] of having [[perjury|lied under oath]] to Congress.<ref>{{cite news |last1=Osipovich |first1=Alexander |title=Citadel Securities Faces New Pressure Over GameStop Frenzy |url=https://www.wsj.com/articles/citadel-securities-faces-new-pressure-over-gamestop-frenzy-11632863151 |access-date=1 October 2021 |work=The Wall Street Journal |date=September 28, 2021 |archive-date=October 1, 2021 |archive-url=https://web.archive.org/web/20211001004346/https://www.wsj.com/articles/citadel-securities-faces-new-pressure-over-gamestop-frenzy-11632863151 |url-status=live }}</ref><ref>{{cite news |last1=McEnery |first1=Thornton |title=Reddit rejoices as hedge-fund billionaire Ken Griffin fires back at those making #KenGriffinLied a trending topic on social media |url=https://www.marketwatch.com/story/wall-streets-ken-griffin-fires-back-at-those-making-kengriffinlied-a-trending-topic-on-social-media-and-reddit-rejoices-11632954402 |access-date=1 October 2021 |work=MarketWatch |date=September 29, 2021 |archive-date=May 16, 2024 |archive-url=https://web.archive.org/web/20240516120230/https://www.marketwatch.com/story/wall-streets-ken-griffin-fires-back-at-those-making-kengriffinlied-a-trending-topic-on-social-media-and-reddit-rejoices-11632954402 |url-status=live }}</ref> Internal Robinhood messages stemming from a class-action lawsuit, showed Robinhood executives "scrambled to talk to Citadel CEO Ken Griffin", on January 27, 2021, the day trading of GameStop and related stocks was temporally halted, according to ''[[VICE (magazine)|VICE]]''.<ref name=ViceInternalComms>{{cite news |last1=Ongweso Jr |first1=Edward |title=Court Filings Spark New Citadel-Robinhood GameStop Theories |url=https://www.vice.com/en/article/court-filings-spark-new-citadel-robinhood-gamestop-theories/ |access-date=1 October 2021 |date=September 29, 2021 |archive-date=October 1, 2021 |archive-url=https://web.archive.org/web/20211001004347/https://www.vice.com/en/article/qj87dx/court-filings-spark-new-citadel-robinhood-gamestop-theories |url-status=live }}</ref>

The lawsuit alleges that on January 27, "employees of Citadel Securities and Robinhood had numerous communications with each other that indicate that Citadel applied pressure on Robinhood." Robinhood  President and COO Jim Swartwout said in an internal chat, "you wouldn't believe the convo we had with Citadel, total mess." The lawsuit alleges that a call was set up between Robinhood CEO [[Vlad Tenev]], and a redacted person at Citadel Securities. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. It's difficult to have a partnership when these kind of things go down this way."<ref name=ViceInternalComms/><ref>{{cite news |last1=Rooney |first1=Kate |title=Here's what Robinhood executives allegedly said internally at the height of the GameStop short squeeze |url=https://www.cnbc.com/2021/09/24/robinhood-what-executives-said-internally-during-gamestop-short-squeeze.html |work=CNBC |access-date=1 October 2021 |date=September 24, 2021 |archive-date=October 1, 2021 |archive-url=https://web.archive.org/web/20211001004345/https://www.cnbc.com/2021/09/24/robinhood-what-executives-said-internally-during-gamestop-short-squeeze.html |url-status=live }}</ref>

During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not."<ref>{{cite news |last1=Dailey |first1=Natasha |title=#CitadelScandal is trending on Twitter as retail traders express fresh outrage over allegations around meme-stock trading |url=https://markets.businessinsider.com/news/stocks/citadel-scandal-hashtag-twitter-retail-traders-meme-stocks-gamestop-2021-9 |access-date=1 October 2021 |work=Business Insider |date=September 30, 2021 |archive-date=October 1, 2021 |archive-url=https://web.archive.org/web/20211001004346/https://markets.businessinsider.com/news/stocks/citadel-scandal-hashtag-twitter-retail-traders-meme-stocks-gamestop-2021-9 |url-status=live }}</ref>

==Media adaptations==
In February 2021, [[Deadline Hollywood]] reported on [[Netflix]]'s plans to develop a [[feature film]] based on the events, with [[Mark Boal]] in negotiations to write and [[Noah Centineo]] set to star in the film.<ref name="Gamestop">{{Cite web |last=Fleming |first=Mike Jr. |date=February 1, 2021 |title=Netflix Finalizing GameStop Stock Movie Package; Mark Boal In Talks To Write, Noah Centineo Attached, Scott Galloway To Consult |url=https://deadline.com/2021/02/netflix-gamestop-stock-movie-screenwriter-mark-boal-noah-centineo-scott-galloway-makeready-1234684568/ |url-status=live |archive-url=https://web.archive.org/web/20210201235238/https://deadline.com/2021/02/netflix-gamestop-stock-movie-screenwriter-mark-boal-noah-centineo-scott-galloway-makeready-1234684568/ |archive-date=February 1, 2021 |access-date=February 2, 2021 |website=[[Deadline Hollywood]]}}</ref> Separately, [[Metro-Goldwyn-Mayer]] (MGM) acquired the rights to make its own movie based on [[Ben Mezrich]]'s book proposal ''The Antisocial Network'', aimed at chronicling the recent events on Wall Street. This would become ''[[Dumb Money]]'', released on September 22, 2023.<ref>{{Cite web |last=Kroll |first=Justin |date=January 31, 2021 |title=MGM Lands Rights To Ben Mezrich's Book Proposal 'The Antisocial Network'; Would Chronicle Recent Wall Street-GameStop Chaos |url=https://deadline.com/2021/01/mgm-ben-mezrichs-the-antisocial-network-wall-street-1234684378/ |url-status=live |archive-url=https://web.archive.org/web/20210201002633/https://deadline.com/2021/01/mgm-ben-mezrichs-the-antisocial-network-wall-street-1234684378/ |archive-date=February 1, 2021 |access-date=February 1, 2021 |website=[[Deadline Hollywood]]}}</ref><ref>{{cite web| url = https://www.metacritic.com/movie/dumb-money/critic-reviews/| title = Dumb Money critics reviews| date = September 23, 2023| access-date = September 23, 2023| website = metacritic.com| archive-date = September 24, 2023| archive-url = https://web.archive.org/web/20230924050301/https://www.metacritic.com/movie/dumb-money/critic-reviews/| url-status = live}}</ref>

A [[limited-run series]] based on the events titled ''To the Moon'' was also announced.<ref>{{Cite magazine |last=Hibberd |first=James |date=February 1, 2021 |title=Three GameStop movies are rushed into development. Here's how they end. |url=https://ew.com/movies/gamestop-movies-wallstreetbets/ |url-status=live |archive-url=https://web.archive.org/web/20210202003614/https://ew.com/movies/gamestop-movies-wallstreetbets/ |archive-date=February 2, 2021 |access-date=February 2, 2021 |magazine=[[Entertainment Weekly]]}}</ref> Jaime Rogozinski, who founded r/wallstreetbets in 2012, sold off his life experience to [[RatPac-Dune Entertainment|RatPac Entertainment]],<ref>{{Cite news |last1=Schwartzel |first1=Erich |last2=Otani |first2=Akane |date=February 4, 2021 |title=Reddit's WallStreetBets Founder Sells Life Story to Movie Producer RatPac Entertainment |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/reddits-wallstreetbets-founder-sells-life-story-to-movie-producer-ratpac-entertainment-11612440001 |url-status=live |access-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210205233035/https://www.wsj.com/articles/reddits-wallstreetbets-founder-sells-life-story-to-movie-producer-ratpac-entertainment-11612440001 |archive-date=February 5, 2021 |issn=0099-9660}}</ref> and a [[documentary film|documentary]] based on the event, created by the studios XTR and The Optimist and partially funded by a [[Kickstarter]] campaign, is also in the works.<ref>{{Cite web |last=Welk |first=Brian |date=February 5, 2021 |title=GameStop and WallStreetBets Documentary in the Works From XTR and The Optimist |url=https://www.thewrap.com/gamestop-and-wallstreetbets-documentary-in-the-works-from-xtr-and-the-optimist/ |url-status=live |archive-url=https://web.archive.org/web/20210206143111/https://www.thewrap.com/gamestop-and-wallstreetbets-documentary-in-the-works-from-xtr-and-the-optimist/ |archive-date=February 6, 2021 |access-date=February 6, 2021 |website=[[TheWrap]]}}</ref>

The documentary ''[[GameStop: Rise of the Players]]'' interviewed several of the r/wallstreetbets users and was released on January 28, 2022.<ref>{{cite news |last1=Murray |first1=Noel |title=Review: Talking-head documentary 'Gamestop: Rise of the Players' focuses on the little guys |url=https://www.latimes.com/entertainment-arts/movies/story/2022-01-28/review-documentary-gamestop-rise-of-the-players-wall-street |work=[[Los Angeles Times]] |date=January 28, 2022 |access-date=January 29, 2022 |archive-date=January 29, 2022 |archive-url=https://web.archive.org/web/20220129004156/https://www.latimes.com/entertainment-arts/movies/story/2022-01-28/review-documentary-gamestop-rise-of-the-players-wall-street |url-status=live }}</ref>

[[HBO]] developed a mini-series, ''[[Gaming Wall Street]]'', which was released on March 3, 2022.<ref>{{Cite web |date=2022-02-27 |title=Gaming Wall Street Trailer Examines Gamestop's 2021 Stock Phenomenon |url=https://screenrant.com/gaming-wall-street-trailer-gamestop-stock-documentary/ |access-date=29 June 2022 |website=ScreenRant |language=en-US |archive-date=May 14, 2022 |archive-url=https://web.archive.org/web/20220514192614/https://screenrant.com/gaming-wall-street-trailer-gamestop-stock-documentary/ |url-status=live }}</ref>

In September 2022, [[Eat the Rich: The GameStop Saga]], an investigative-docuseries, premiered on [[Netflix]]. It is a 3 episode [[Limited-run series]]/[[Miniseries]].<ref>{{cite web |title=IMDB |url=https://www.imdb.com/title/tt14036920/ |website=Eat the Rich: The GameStop Saga |access-date=10 April 2024 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403111157/https://www.imdb.com/title/tt14036920/ |url-status=live }}</ref>

=={{anchor|MOASS}}Speculation on a second short squeeze ("MOASS")==
{{main|MOASS}}
As the stock price recovered after the short squeeze, several retail investors on Reddit (many of which still held GameStop stock) began speculating if a second, even bigger, short squeeze could occur through similar methodology.<ref name="MOASS_MarketsInsider">{{cite news |last=Fox |first=Matthew |date=Oct 11, 2022 |title=The meme stock community has become a cult hoping to 'erase the economy,' says a widely followed skeptic whose anti-NFT video went viral |url=https://markets.businessinsider.com/news/stocks/gamestop-amc-moass-gme-meme-stock-community-cult-dan-olson-2022-10 |access-date=2024-01-28 |website=Markets Insider |archive-date=January 25, 2024 |archive-url=https://web.archive.org/web/20240125094211/https://markets.businessinsider.com/news/stocks/gamestop-amc-moass-gme-meme-stock-community-cult-dan-olson-2022-10 |url-status=live }}</ref> This hypothetical event was eventually dubbed "the mother of all short squeezes" ("[[MOASS]]"),<ref name="MOASS_Nasdaq">{{cite news |last=Duprey |first=Rich |date=July 10, 2022 |title=GameStop Finally Announced Its Stock Split. The MOASS Still Isn't Coming |url=https://www.nasdaq.com/articles/gamestop-finally-announced-its-stock-split.-the-moass-still-isnt-coming |access-date=2024-01-28 |website=Nasdaq.com |archive-date=January 25, 2024 |archive-url=https://web.archive.org/web/20240125094201/https://www.nasdaq.com/articles/gamestop-finally-announced-its-stock-split.-the-moass-still-isnt-coming |url-status=live }}</ref> and a community sprung up around the theory on various subreddits.<ref name="MOASS_Nasdaq" />

==See also==
{{portal|Business|Current events|Internet|Modern history||Society}}
*{{annotated link|Cryptocurrency bubble}}
*{{annotated link|Everything bubble}}
*[[Philip Falcone]] – businessman who performed a short squeeze in 2012
*{{annotated link|Greater fool theory}}
*{{annotated link|Irrational exuberance}}
*{{annotated link|Pump and dump}}
*{{annotated link|South Sea Company}}
*{{annotated link|Tulip mania}}

==Notes==
{{notelist}}

==References==
{{reflist|refs=
<ref name="EsquireHowWallStreetBets">{{Cite web |last=McDermott |first=John |date=January 27, 2021 |title=How WallStreetBets Redditors Used Their Collective Power to Manipulate the Stock Market |url=https://www.esquire.com/news-politics/a35339535/game-stop-stock-short-squeeze-explained/ |url-status=live |archive-url=https://web.archive.org/web/20210128021522/https://www.esquire.com/news-politics/a35339535/game-stop-stock-short-squeeze-explained/ |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Esquire (magazine)|Esquire]] |language=en}}{{Cite news |last=Kochkodin |first=Brandon |date=January 25, 2021 |title=How WallStreetBets Pushed GameStop Shares to the Moon |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127140922/https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon |archive-date=January 27, 2021}}{{Cite web |title=NYSE |url=https://www.nyse.com/quote/XNYS:GME |url-status=live |archive-url=https://web.archive.org/web/20210119153914/https://www.nyse.com/quote/XNYS:GME |archive-date=January 19, 2021 |access-date=February 2, 2021 |website=www.nyse.com}}</ref>
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{{Cite news |last=Kilgore |first=Tomi |date=January 25, 2021 |title=GameStop's stock rockets again in volatile trading, while company has not released news or commented |work=[[MarketWatch]] |url=https://www.marketwatch.com/story/gamestops-stock-rockets-again-in-volatile-trading-while-company-has-not-released-news-or-commented-2021-01-25 |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210126204931/https://www.marketwatch.com/story/gamestops-stock-rockets-again-in-volatile-trading-while-company-has-not-released-news-or-commented-2021-01-25 |archive-date=January 26, 2021}}
<!-- not used <ref name="CNBCMuskTweets">{{Cite web |last=Bursztynsky |first=Jessica |date=January 26, 2021 |title=GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock |url=https://www.cnbc.com/2021/01/26/gamestop-jumps-as-elon-musk-tweets-out-reddit-board-thats-hyping-stock.html |url-status=live |archive-url=https://web.archive.org/web/20210127163553/https://www.cnbc.com/2021/01/26/gamestop-jumps-as-elon-musk-tweets-out-reddit-board-thats-hyping-stock.html |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[CNBC]] |language=en}}</ref>-->
{{Cite web |title=GameStop Corp. (GME : NYSE) Stock Price & News |url=https://www.google.com/finance/quote/GME:NYSE |url-status=live |archive-url=https://web.archive.org/web/20210128083747/https://www.google.com/finance/quote/GME:NYSE |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Google Finance]]}}
{{Cite web |last=Warren |first=Tom |date=January 27, 2021 |title=Reddit's GameStop traders turn their attention to AMC stock |url=https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop |url-status=live |archive-url=https://web.archive.org/web/20210127143428/https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[The Verge]] |language=en}}</ref>
<ref name="TheWeekConfusedAMCX">{{Cite web |last=Morrow |first=Brendan |date=January 27, 2021 |title=AMC Networks' stock might have gotten a boost thanks to confused Reddit users |url=https://theweek.com/speedreads/963424/amc-networks-stock-might-have-gotten-boost-thanks-confused-reddit-users |url-status=live |archive-url=https://web.archive.org/web/20210128045210/https://theweek.com/speedreads/963424/amc-networks-stock-might-have-gotten-boost-thanks-confused-reddit-users |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=[[The Week]] |language=en}}{{Cite news |last=Goldstein |first=Steve |title=Disruptions reported at multiple brokerages as GameStop, AMC surge |url=https://www.marketwatch.com/story/disruptions-reported-at-multiple-brokerages-as-gamestop-amc-surge-2021-01-27 |url-status=live |archive-url=https://web.archive.org/web/20210127154050/https://www.marketwatch.com/story/disruptions-reported-at-multiple-brokerages-as-gamestop-amc-surge-2021-01-27 |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[MarketWatch]] |language=en-US}}{{Cite news |last1=Friedman |first1=Gilliam |last2=Siegel Bernard |first2=Tara |date=January 27, 2021 |title=Trading platforms are limiting trades of GameStop and other companies. |work=[[The New York Times]] |url=https://www.nytimes.com/2021/01/27/business/gamestop-td-ameritrade-robinhood.html |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210127231230/https://www.nytimes.com/2021/01/27/business/gamestop-td-ameritrade-robinhood.html |archive-date=January 27, 2021}}{{Cite news |date=January 28, 2021 |title=US stock trading volumes soar past 2008 peak in Reddit battle |work=[[Financial Times]] |url=https://www.ft.com/content/56658052-76fe-4910-8cb7-810039753f7c |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203750/https://www.ft.com/content/56658052-76fe-4910-8cb7-810039753f7c |archive-date=January 28, 2021}}</ref>
<ref name="SMHGameStopMining">{{Cite news |last=Powell |first=Dominic |date=January 28, 2021 |title='Stunned': GameStop trading frenzy causes local mining company shares to soar |language=en |work=[[The Sydney Morning Herald]] |url=https://www.smh.com.au/business/companies/stunned-gamestop-trading-frenzy-causes-local-mining-company-shares-to-soar-20210128-p56xh4.html |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203813/https://www.smh.com.au/business/companies/stunned-gamestop-trading-frenzy-causes-local-mining-company-shares-to-soar-20210128-p56xh4.html |archive-date=January 28, 2021}}{{Cite web |last=Winck |first=Ben |title=Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies |url=https://www.msn.com/en-us/money/topstocks/robinhood-clients-say-platform-has-removed-gamestop-and-amc-and-is-only-allowing-holders-to-sell/ar-BB1daWJS |url-status=live |archive-url=https://web.archive.org/web/20210128145255/https://www.msn.com/en-us/money/topstocks/robinhood-clients-say-platform-has-removed-gamestop-and-amc-and-is-only-allowing-holders-to-sell/ar-BB1daWJS |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Business Insider]]}}{{Cite web |last=Mills Rodrigo |first=Chris |date=January 28, 2021 |title=Robinhood restricts trading of companies targeted by Reddit users |url=https://thehill.com/policy/technology/536272-robinhood-restricts-trading-on-companies-targeted-by-reddit-users/ |url-status=live |archive-url=https://web.archive.org/web/20210128203751/https://thehill.com/policy/technology/536272-robinhood-restricts-trading-on-companies-targeted-by-reddit-users |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Hill (newspaper)|The Hill]] |language=en}}{{Cite news |last=Brennan |first=Harry |date=January 28, 2021 |title=Brokers block Reddit traders from buying GameStop amid market frenzy |language=en |work=[[The Daily Telegraph|The Telegraph]] |url=https://www.telegraph.co.uk/investing/news/brokers-block-reddit-traders-buying-gamestop-amid-market-frenzy/ |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203754/https://www.telegraph.co.uk/investing/news/brokers-block-reddit-traders-buying-gamestop-amid-market-frenzy/ |archive-date=January 28, 2021}}</ref>
<ref name="BloombergRobinhoodControversial">{{Cite news |last1=Foxman |first1=Simone |last2=Verhage |first2=Julie |last3=Woolley |first3=Suzanne |date=October 15, 2018 |title=Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2018-10-15/robinhood-gets-almost-half-its-revenue-in-controversial-bargain-with-high-speed-traders |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20190119120929/https://www.bloomberg.com/news/articles/2018-10-15/robinhood-gets-almost-half-its-revenue-in-controversial-bargain-with-high-speed-traders |archive-date=January 19, 2019}}{{Cite web |last1=Sweney |first1=Mark |last2=Rushe |first2=Dominic |date=January 28, 2021 |title=White House 'monitoring' GameStop share surge as US hedge fund pulls out |url=http://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses |url-status=live |archive-url=https://web.archive.org/web/20210128015150/https://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Guardian]] |language=en}}{{Cite web |last=Li |first=Yun |date=January 27, 2021 |title=Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position |url=https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |url-status=live |archive-url=https://web.archive.org/web/20210128010414/https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[CNBC]] |language=en}}{{Cite news |last=Wallace |first=Joe |date=January 25, 2021 |title=GameStop Stock Jumps to New Record |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |url-status=dead |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127153034/https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |archive-date=January 27, 2021 |issn=0099-9660}}{{Cite web |last=Jamieson |first=Amber |date=January 26, 2021 |title=An "Angry Mob" On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms |url=https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares |url-status=live |archive-url=https://web.archive.org/web/20210127123804/https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[BuzzFeed News]]}}{{Cite news |last1=Aliaj |first1=Ortenca |last2=Smith |first2=Colby |last3=Platt |first3=Eric |last4=Mackenzie |first4=Michael |date=January 28, 2021 |title=Hedge funds retreat in face of day-trader onslaught |work=[[Financial Times]] |url=https://www.ft.com/content/4f76d769-4460-450f-9373-1e54f7da6c19 |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128203815/https://www.ft.com/content/4f76d769-4460-450f-9373-1e54f7da6c19 |archive-date=January 28, 2021}}</ref><ref name="BusinessInsiderWarrenAOC">{{Cite web |last=Panetta |first=Grace |date=January 27, 2021 |title=Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino' |url=https://www.businessinsider.com/gamestop-warren-aoc-slam-wall-street-market-like-a-casino-2021-1 |url-status=live |archive-url=https://web.archive.org/web/20210127222513/https://www.businessinsider.com/gamestop-warren-aoc-slam-wall-street-market-like-a-casino-2021-1 |archive-date=January 27, 2021 |access-date=January 28, 2021 |website=[[Business Insider]]}}</ref>
<ref name="tedcruzTweet">{{Cite tweet |number=1354833603943931905 |user=tedcruz |title=Fully agree. 👇 |author-link=Ted Cruz}}</ref>
<ref name="AOCTweet">{{Cite tweet |number=1354536220110577664 |user=AOC |title=Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino |author-link=Alexandria Ocasio-Cortez}}</ref>
<ref name="RashidaTlaibTweet">{{Cite tweet |number=1354807292667981828 |user=RashidaTlaib |title=This is beyond absurd. @FSCDems need to have a hearing on Robinhood's market manipulation. They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades. |author-link=Rashida Tlaib}}</ref>
<ref name="tedlieuTweet">{{Cite tweet |number=1354638061326409728 |user=tedlieu |title=The dramatic rise in GameStop stock price raises the question to me of whether there is any societal value to shorting stock? I'm not sure there is. In which case my initial reaction is that it's awesome Reddit users and others are sticking it to hedge funds. Do you agree? |author-link=Ted Lieu}}</ref>
<ref name="DonaldJTrumpJrTweet">{{Cite tweet |number=1354793103090212865 |user=DonaldJTrumpJr |title=It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. This is what a rigged system looks like, folks! #RobinHood #RedditArmy #GME #GMEtothemoon |author-link=Donald Trump Jr.}}</ref>
<ref name="AutoFB-12">{{Cite web |last=Barkoukis |first=Leah |date=January 28, 2021 |title=Why Wall Street Is 'Losing Its Mind' Right Now |url=https://townhall.com/tipsheet/leahbarkoukis/2021/01/28/why-wall-street-is-losing-its-mind-n2583843 |url-status=live |archive-url=https://web.archive.org/web/20210128203755/https://townhall.com/tipsheet/leahbarkoukis/2021/01/28/why-wall-street-is-losing-its-mind-n2583843 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Townhall]] |language=en}}</ref>
<ref name="benshapiroTweet">{{Cite tweet |number=1354795139500302338 |user=benshapiro |title=Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms – and some will pay the price. Restricting who can buy and sell is using a hammer on free markets. |author-link=Ben Shapiro}}</ref>
<ref name="Auto9F-4">{{Cite tweet |number=1354613692239925249 |user=mcuban |title=I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $ |date=January 27, 2021 |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128070722/https://twitter.com/mcuban/status/1354613692239925249 |archive-date=January 28, 2021 |url-status=live}}</ref>
<ref name="MarketWatchOccupyReddit">{{Cite web |last=Passy |first=Jacob |date=January 28, 2021 |title=Reddit co-founder Alexis Ohanian compares GameStop's epic ride to Occupy Wall Street: 'I don't think we go back to a world before this' |url=https://www.marketwatch.com/story/reddit-co-founder-alexis-ohanian-compares-gamestops-epic-ride-to-occupy-wall-street-i-dont-think-we-go-back-to-a-world-before-this-11611843100 |url-status=live |archive-url=https://web.archive.org/web/20210128203755/https://www.marketwatch.com/story/reddit-co-founder-alexis-ohanian-compares-gamestops-epic-ride-to-occupy-wall-street-i-dont-think-we-go-back-to-a-world-before-this-11611843100 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[MarketWatch]]}}</ref>
<ref name="MarketWatchBidenMonitoring">{{Cite web |last=Reklaitis |first=Victor |date=January 27, 2021 |title=Biden administration 'monitoring the situation' with GameStop's stock, White House says |url=https://www.marketwatch.com/story/biden-administration-monitoring-the-situation-with-gamestops-stock-white-house-says-2021-01-27 |url-status=live |archive-url=https://web.archive.org/web/20210127222845/https://www.marketwatch.com/story/biden-administration-monitoring-the-situation-with-gamestops-stock-white-house-says-2021-01-27 |archive-date=January 27, 2021 |access-date=January 28, 2021 |website=[[MarketWatch]]}}</ref>
<ref name="Auto9F-6">{{Cite web |last=Schroeder |first=Robert |date=January 28, 2021 |title=Pelosi says Congress will be part of GameStop scrutiny |url=https://www.marketwatch.com/story/pelosi-says-congress-will-be-part-of-gamestop-scrutiny-2021-01-28 |url-status=live |archive-url=https://web.archive.org/web/20210128203755/https://www.marketwatch.com/story/pelosi-says-congress-will-be-part-of-gamestop-scrutiny-2021-01-28 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[MarketWatch]] |language=en-US}}</ref>
<ref name="Auto9F-7">{{Cite tweet |number=1354880605213888513 |user=SenateBanking |title=Breaking: Incoming Chairman @SenSherrodBrown's response to the current state of the stock market.}}</ref>
<ref name="CNNRobinhoodClassAction">{{Cite web |last=Duffy |first=Clare |date=January 28, 2021 |title=Robinhood customer files class action suit over GameStop trading restrictions |url=https://www.cnn.com/business/live-news/wallstreetbets-reddit-vs-wall-street/h_4f2aeccd71962c141ab3f83b7ad735b2 |url-status=live |archive-url=https://web.archive.org/web/20210128203758/https://www.cnn.com/business/live-news/wallstreetbets-reddit-vs-wall-street/h_4f2aeccd71962c141ab3f83b7ad735b2 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[CNN]]}}</ref>
<ref name="NewsweekSaveAMC">{{Cite web |last=Jackson |first=Jon |date=January 27, 2021 |title=How the 'SaveAMC' campaign caused the movie theater company's stocks to soar |url=https://www.newsweek.com/saveamc-stocks-surge-1564892 |url-status=live |archive-url=https://web.archive.org/web/20210128045127/https://www.newsweek.com/saveamc-stocks-surge-1564892 |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Newsweek]] |language=en}}</ref>
<ref name="CNBCBedBathBeyond">{{Cite web |last=Fitzgerald |first=Maggie |date=January 25, 2021 |title=Bed Bath & Beyond, AMC rally with GameStop as little investors squeeze hedge funds in more stocks |url=https://www.cnbc.com/2021/01/25/bed-bath-beyond-amc-rally-wjoin-gamestop-in-rally-as-trend-of-retail-investors-squeezing-hedge-funds-spreads.html |url-status=live |archive-url=https://web.archive.org/web/20210128203821/https://www.cnbc.com/2021/01/25/bed-bath-beyond-amc-rally-wjoin-gamestop-in-rally-as-trend-of-retail-investors-squeezing-hedge-funds-spreads.html |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=[[CNBC]] |language=en}}</ref>
<ref name="BloombergWhatsNext">{{Cite news |last=Egkolfopoulou |first=Misyrlena |date=January 26, 2021 |title=Stock Investors Are Hunting for the Next GameStop on Reddit and Twitter |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-26/what-s-next-gamestop-gme-traders-eye-blackberry-bb-amc-express-expr-nok |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210126175426/https://www.bloomberg.com/news/articles/2021-01-26/what-s-next-gamestop-gme-traders-eye-blackberry-bb-amc-express-expr-nok |archive-date=January 26, 2021}}</ref>
<ref name="SeekingAlphaStocksRallying">{{Cite web |last=Schultz |first=Clark |date=January 27, 2021 |title=Virgin Galactic (SPCE) and iRobot (IRBT) among stocks rallying in assault on shorts |url=https://seekingalpha.com/news/3654951-virgin-galactic-and-irobot-among-stocks-rallying-in-all-out-assault-on-shorts |url-status=live |archive-url=https://web.archive.org/web/20210128023513/https://seekingalpha.com/news/3654951-virgin-galactic-and-irobot-among-stocks-rallying-in-all-out-assault-on-shorts |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=[[Seeking Alpha]] |language=en}}</ref>
<ref name="UrbanMilwaukeeKossUp">{{Cite web |last=Jannene |first=Jeramey |date=January 27, 2021 |title=Koss Stock Up Over 1,000% In Three Days |url=https://urbanmilwaukee.com/2021/01/27/koss-stock-up-over-1000-in-three-days/ |url-status=live |archive-url=https://web.archive.org/web/20210128045202/https://urbanmilwaukee.com/2021/01/27/koss-stock-up-over-1000-in-three-days/ |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=Urban Milwaukee |language=en}}</ref>
<ref name="MarketWatchNokiaSurges">{{Cite web |last=Kilgore |first=Tomi |date=January 27, 2021 |title=Nokia's stock soars toward a record gain on record volume, for no apparent reason |url=https://www.marketwatch.com/story/nokias-stock-soars-toward-a-record-gain-on-record-volume-for-no-apparent-reason-11611774702 |url-status=live |archive-url=https://web.archive.org/web/20210128004401/https://www.marketwatch.com/story/nokias-stock-soars-toward-a-record-gain-on-record-volume-for-no-apparent-reason-11611774702 |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=[[MarketWatch]] |language=en-US}}</ref>
<ref name="ChicagoBusinessReddit">{{Cite web |date=January 27, 2021 |title=Reddit's GameStop gang pushes Tootsie Roll to record |url=https://www.chicagobusiness.com/consumer-products/reddits-gamestop-gang-pushes-tootsie-roll-record |url-status=live |archive-url=https://web.archive.org/web/20210128045200/https://www.chicagobusiness.com/consumer-products/reddits-gamestop-gang-pushes-tootsie-roll-record |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Bloomberg News]]}}</ref>
<ref name="YahooManiaRuined">{{Cite web |last=Sozzi |first=Brian |date=January 27, 2021 |title=GameStop mania may have ruined this hot Wall Street trade |url=https://ca.finance.yahoo.com/news/gamestop-mania-may-have-ruined-this-hot-wall-street-trade-202012829.html |url-status=live |archive-url=https://web.archive.org/web/20210128045132/https://ca.finance.yahoo.com/news/gamestop-mania-may-have-ruined-this-hot-wall-street-trade-202012829.html |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Yahoo! Finance]]}}</ref>
<ref name="InvestorPlaceNakedBrand">{{Cite web |last=White |first=William |date=January 27, 2021 |title=NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams |url=https://investorplace.com/2021/01/nakd-stock-naked-brand-shares-rocket-fueling-1-compliance-dreams/ |url-status=live |archive-url=https://web.archive.org/web/20210128045202/https://investorplace.com/2021/01/nakd-stock-naked-brand-shares-rocket-fueling-1-compliance-dreams/ |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=Investor Place}}</ref>
<ref name="FoolHeavilyShorted">{{Cite web |last=Tenebruso |first=Joe |date=January 27, 2021 |title=Why Virgin Galactic, Palantir, Kodak, Genius Brands, and Other Heavily Shorted Stocks Soared Today |url=https://www.fool.com/investing/2021/01/27/why-virgin-galactic-palantir-kodak-genius-brands-a/ |url-status=live |archive-url=https://web.archive.org/web/20210128045204/https://www.fool.com/investing/2021/01/27/why-virgin-galactic-palantir-kodak-genius-brands-a/ |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Motley Fool]]}}</ref>
<ref name="AutoFB-16">{{Cite web |last=Duprey |first=Rich |date=January 27, 2021 |title=Why Is National Beverage Surging 27% Higher Today? |url=https://www.fool.com/investing/2021/01/27/why-is-national-beverage-surging-27-higher-today/ |url-status=live |archive-url=https://web.archive.org/web/20210128203759/https://www.fool.com/investing/2021/01/27/why-is-national-beverage-surging-27-higher-today/ |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[The Motley Fool]] |language=en}}</ref>
<ref name="RobinHoodGooglePlay">{{Cite web |last=Valinsky |first=Jordan |date=January 28, 2021 |title=Robinhood is getting trashed on Google Play |url=https://www.cnn.com/business/live-news/wallstreetbets-reddit-vs-wall-street/h_a55c11ddb0b08c7d9b7ce339a2eebd2f/ |url-status=live |archive-url=https://web.archive.org/web/20210128203801/https://www.cnn.com/business/live-news/wallstreetbets-reddit-vs-wall-street/h_a55c11ddb0b08c7d9b7ce339a2eebd2f/ |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[CNN]] |language=en}}</ref>
<ref name="BusinessInsiderFlinch">{{Cite web |last=Chapaman |first=Michelle |date=January 27, 2021 |title=In battle over GameStop shares, two big players flinch |url=https://markets.businessinsider.com/news/stocks/gamestop-stock-short-seller-squeeze-losses-reddit-traders-citron-gme-2021-1-1030000080 |url-status=live |archive-url=https://web.archive.org/web/20210127004708/https://markets.businessinsider.com/news/stocks/gamestop-stock-short-seller-squeeze-losses-reddit-traders-citron-gme-2021-1-1030000080 |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=[[Business Insider]] |language=en}}</ref>
<ref name="VoxGameStopExplosion">{{Cite web |last=Stewart |first=Emily |date=January 28, 2021 |title=The GameStop stock frenzy, explained |url=https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron/ |url-status=live |archive-url=https://web.archive.org/web/20210128002059/https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron |archive-date=January 28, 2021 |access-date=January 28, 2021 |website=[[Vox (website)|Vox]] |language=en}}</ref>
<ref name="cheng">{{Cite news |last=Cheng |first=Roger |title=Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street |work=[[CNET]] |url=https://www.cnet.com/news/reddits-gamestop-amc-surge-is-the-new-occupy-movement-and-it-terrifies-wall-street/ |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210129004910/https://www.cnet.com/news/reddits-gamestop-amc-surge-is-the-new-occupy-movement-and-it-terrifies-wall-street/ |archive-date=January 29, 2021}}</ref>
<ref name="BloombergOccupy">{{Cite news |last1=Wells |first1=Charlie |last2=Egkolfopoulou |first2=Misyrlena |date=January 28, 2021 |title=GameStop's Reddit Revolution Echoes Occupy Wall Street Crusade |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-28/why-are-reddit-wall-street-bets-traders-buying-gamestop-and-fighting-hedge-funds |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128134811/https://www.bloomberg.com/news/articles/2021-01-28/why-are-reddit-wall-street-bets-traders-buying-gamestop-and-fighting-hedge-funds |archive-date=January 28, 2021}}</ref>
<ref name="evans">{{Cite news |last=Evans |first=Kelly |date=January 28, 2021 |title=Kelly Evans: Gino Siniscalchi: Occupy Wall Street 2.0 |work=[[CNBC]] |url=https://www.cnbc.com/2021/01/28/kelly-evans-gino-siniscalchi-occupy-wall-street-2point0.html |url-status=live |access-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210129040814/https://www.cnbc.com/2021/01/28/kelly-evans-gino-siniscalchi-occupy-wall-street-2point0.html |archive-date=January 29, 2021}}</ref>
<ref name="BloombergMalaysiaBursaBets (early edit)">{{Cite news |last=Vishnoi |first=Abhishek |date=January 29, 2021 |title=GameStop mania spreads as far as Malaysian glove makers |language=en |work=[[Al Jazeera English|Al Jazeera]] |agency=[[Bloomberg News|Bloom]] |url=https://www.aljazeera.com/economy/2021/1/29/bb-gamestop-mania-spreads-as-far-as-malaysian-glove-makers |url-status=live |access-date=January 29, 2021 |archive-url=https://web.archive.org/web/20210129072756/https://www.aljazeera.com/economy/2021/1/29/bb-gamestop-mania-spreads-as-far-as-malaysian-glove-makers |archive-date=January 29, 2021}}</ref>
<ref name="BloombergMalaysiaBursaBets">{{Cite news |last=Vishnoi |first=Abhishek |date=January 29, 2021 |title=GameStop Mania Spreads Half a World Away to Target Glove Makers |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-01-29/gamestop-mania-spreads-half-a-world-away-to-target-glove-makers |access-date=January 29, 2021 }}</ref>
<!--unused, but might be useful in the future (were previously used)
<ref name="CNBCNotBackingDown">{{Cite news |last=Li |first=Yun |date=January 26, 2021 |title=GameStop jumps another 90% above $140, but short sellers aren't backing down |language=en |work=[[CNBC]] |url=https://www.cnbc.com/2021/01/26/gamestop-shares-are-jumping-again-but-short-sellers-arent-backing-down.html |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210126221431/https://www.cnbc.com/2021/01/26/gamestop-shares-are-jumping-again-but-short-sellers-arent-backing-down.html |archive-date=January 26, 2021}}</ref>
-->
}}
{{Notelist}}


==Further reading==
* Mezrich, B. (2022). [https://www.grandcentralpublishing.com/titles/ben-mezrich/the-antisocial-network/9781549112591/ ''Dumb Money: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees'']. New York: Grand Central Publishing.   
* Chohan, U.W. and Kerckhoven, S.V. (2023). [https://www.routledge.com/Activist-Retail-Investors-and-the-Future-of-Financial-Markets-Understanding/Chohan-Kerckhoven/p/book/9781032397252 ''Activist Retail Investors and the Future of Financial Markets: Understanding YOLO Capitalism'']. London: Routledge.
* Jakab, S. (2022). [https://www.penguinrandomhouse.com/books/690543/the-revolution-that-wasnt-by-spencer-jakab/ ''The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors'']. London: Penguin Random House.

==External links==
* {{Netflix title|title=Eat the Rich: The GameStop Saga|qid=Q114413904}}
* {{IMDb title|title=Eat the Rich: The GameStop Saga|qid=Q114413904}}

{{Reddit}}

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