Bizarrely, the hottest stock on Wall Street is an unprofitable, all-but-forgotten, video game store. GameStop's stock price surged more than 1,700% since the start of the year, driven by a group of amateur investors on Reddit whose organized revolt against hedge funds that bet against the company resulted in billions of dollars lost, infuriating the institutional finance crowd and catching the eye of the White House in the process.
The stock fell on Thursday after Robinhood, E*Trade and other online brokerages restricted the wild trading activity, drawing outrage and lawsuits from users and criticism from AOC and Barstool Sports founder Dave Portnoy. The Senate also pledged to hold special hearings on the recent gyrations in the stock market.
Ironically, the army of anti-establishment Reddit traders fattened the fortunes of some of the world’s ultra-rich: Chewy co-founder Ryan Cohen added $1.8 billion; Chinese billionaires Larry Chen and Wang Jianlin added $4.2 billion and $773 million, respectively; and Tootsie Roll CEO Ellen Gordon added $185 million, to name a few.
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