GameStop Stock Surges as Redditors Drive Short Squeeze
Online investors rally behind struggling video game retailer, pushing stock price to record highs.
Short-sellers scramble to cover positions as momentum builds.
GameStop, a struggling video game retailer, has seen its stock surge in recent days as a group of online investors have rallied behind the company. The stock price has skyrocketed over 100% in the past week, driven by a wave of buying from individual investors using the Reddit forum r/wallstreetbets.
The sudden surge in GameStop's stock price has put short-sellers, who had bet against the company's success, under pressure. As the stock price continues to rise, short-sellers are forced to buy back borrowed shares, further driving up the price.
The recent rally in GameStop's stock is a sign of the growing power of online investors. Reddit and other social media platforms have given individual investors a voice, and they are using it to influence the stock market.
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