GameStop Stock Soars on Reddit-Fueled Trading Frenzy
Retail investors flock to online forums to bid up GME shares
Short sellers scramble to cover positions as stock price skyrockets
Shares of GameStop Corp. (GME) soared by more than 145% on Wednesday, fueled by a surge of retail trading activity coordinated on Reddit and other online forums.
The sudden surge in GME's stock price has sent shockwaves through Wall Street, where short sellers who had bet against the company are now scrambling to cover their positions. The short squeeze has led to a further surge in GME shares, creating a positive feedback loop that has sent the stock price to record highs.
The Reddit-fueled trading frenzy has also attracted the attention of regulators, who are now investigating whether any illegal activity has taken place.
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