GameStop: Hedge funds lose billions as establishment fights back

As the pandemic took hold, many predicted GameStop would fail. (Photo: Getty) The GameStop stock frenzy is like nothing else: yesterday it was the most traded stock on Earth, above Apple and Tesla, rising in value 1,550% this month. It’s forced hedge funds to lose billions of dollars, and made some investors overnight millionaires. The battle between Wall Street hedge funds and small investors organising on Reddit forced the New York Stock Exchange to halt trading nine times, triggered a White House alert, drew attention from regulators across the world, and even Elon Musk got involved. Reddit and Discord forums where investors organised were temporarily banned as millions flocked to comment...