GameStop short squeeze
In January 2021, a
On January 28, some
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 in the neighborhood of $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
Short sellers are exposed to a risk of 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.[3][4][5]
GameStop
However, in mid-2019, investor
Online discussion
The
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.
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.
Even before the short squeeze, there had been interest in GameStop (
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 to illustrate how the hedge fund would blow up similarly to a nuclear reactor.[19]
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.[20] 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.[21] Reddit moderators temporarily closed the subreddit to the public,[22] and Discord moderators temporarily banned the server for "hateful and discriminatory content."[23] Apart from GameStop, many other heavily shorted securities (as well as securities with low short interest) saw increases in their prices:
Security (symbol) | Price high[a] | Jan 22 | % chg. | Ref. |
---|---|---|---|---|
AMC Entertainment Holdings, Inc. (AMC) | 20.36 | 3.51 | 480.1% | [24] |
AMC Networks Inc. (AMCX) | 59.83 | 49.38 | 21.2% | [25] |
American Airlines Group Inc. (AAL) | 21.77 | 15.82 | 37.6% | [26] |
) | 0.30 | 0.01 | 3000% | [27] |
Bed Bath & Beyond Inc. (BBBY )
|
53.90 | 30.21 | 78.4% | [28] |
BlackBerry Limited (BB) | 28.77 | 14.04 | 104.9% | [29] |
Build-A-Bear Workshop, Inc. (BBW) | 8.40 | 4.52 | 85.8% | [30] |
Eastman Kodak Company (KODK) | 15.15 | 9.46 | 60.1% | [31] |
Express, Inc. (EXPR) | 13.97 | 1.79 | 680.4% | [29] |
Fossil Group, Inc. (FOSL) | 28.60 | 9.87 | 189.8% | [32] |
Genius Brands International (GNUS )
|
3.36 | 1.57 | 114.0% | [31] |
iRobot Corporation (IRBT) | 197.40 | 98.94 | 99.5% | [33] |
Koss Corporation (KOSS) | 127.45 | 3.34 | 3,715.9% | [34] |
Ligand Pharmaceuticals Incorporated (LGND) | 191.59 | 142.62 | 34.3% | [35] |
The Macerich Company (MAC) | 25.99 | 14.58 | 78.3% | [36] |
Naked Brand Group (NAKD) | 3.40 | 0.44 | 672.7% | [37] |
National Beverage Corp. (FIZZ) | 196.43 | 98.44 | 99.5% | [38] |
Nokia Oyj (NOK) | 9.79 | 4.20 | 133.1% | [39] |
Palantir Technologies Inc. (PLTR) | 45.00 | 32.58 | 38.1% | [31] |
Siebert Financial[40] (SIEB) | 18.50 | 3.70 | 400.0% | [41] |
Tootsie Roll Industries, Inc. (TR) | 58.98 | 30.14 | 95.7% | [42] |
Virgin Galactic Holdings, Inc. (SPCE) | 59.43 | 34.28 | 73.4% | [33] |
a Prices may be higher during extended-hours trading.
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).[43][44]
Amateur traders in Malaysia were inspired by the GameStop short squeeze to target shares for Malaysian
Cryptocurrencies
After brokerages halted the buying of GameStop and other securities, the price of several cryptocurrencies also began to increase substantially, with Dogecoin's value increasing over 800 percent.[51][52][53] Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin".[54] 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.[55] Robinhood then began limiting the trading on Dogecoin.[56]
Metal futures
Following the stock market surge,
Aftermath
Investigations
On January 27, 2021, White House press secretary Jen Psaki said that Treasury Secretary Janet Yellen and others in the Biden administration were monitoring the situation.[66] Yellen convened a meeting of financial regulators, including the heads of the U.S. Securities and Exchange Commission, 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 before becoming treasury secretary, she sought and received permission from Treasury Department ethics lawyers before convening the meeting.[67][68] The regulators were not seen as likely to view the volatility as creating any systemic risks.[69]
Speaker of the House Nancy Pelosi said that Congress would also be reviewing it.[70] Senator Sherrod Brown announced that the Senate Banking Committee would hold a hearing on the state of the stock market and the alleged market manipulation surrounding the GameStop short squeeze.[71] Representative Byron Donalds called for Congress to launch "an immediate investigation into Citadel, L.L.C. and Robinhood".[72]
On January 29, 2021, the U.S. Securities and Exchange Commission announced it was reviewing the incident with the aims "to protect retail investors"[73] from "abusive or manipulative trading activity"[74] and "to identify and pursue potential wrongdoing".[75]
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".[76][77]
Congressional hearing
On January 28, 2021, the House Financial Services Committee announced that it would convene a hearing to discuss online trading platforms.[79][80] 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.[81] Witnesses at the hearing included Reddit user and investor Keith Gill, Citadel CEO Ken Griffin, Reddit CEO Steve Huffman, Melvin Capital CEO Gabe Plotkin, Cato Institute financial regulation expert Jennifer J. Schulp, and Robinhood CEO Vlad Tenev.[81][82] 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.[81][82][83] Representative Brad Sherman accused Griffin of trying to evade his questions. At various points during his initial testimony and questioning, Gill made references to memes.[81][82] Committee members also discussed increasing short-selling regulation.[83]
On March 17, 2021, the Financial Services Committee held a second hearing, which focused on the regulation of payment for order flow[84] and gamification of investing.[85]
Lawsuits
A Robinhood customer filed a
A second class-action was filed in the Northern District of Illinois claiming that Robinhood's decision to halt trades of BlackBerry, Nokia and AMC was made "to protect institutional investment at the detriment of retail customers".[90][91][92] 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."[93] As of February 2, 2021, Robinhood was facing 34 separate class-action lawsuits.[94][95] In January 2022, a federal court ruled that investors could not pursue negligence and breach of fiduciary duty claims, citing Robinhood's customer agreement which allowed for restrictions on trading. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities.[96]
A lawsuit was filed in a court in Massachusetts by securities class action firm
Regulation
On February 8, 2021, the U.S. Securities and Exchange Commission released a sample letter providing guidance to companies seeking to 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.[98][99][100]
In reaction to the short squeeze, some Democratic politicians have expressed support for a financial transactions tax, arguing that it would raise revenue and curb speculative betting.[101][102][103]
In June 2022, a 140-page report[104] 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.[105]
Scientific Research
In January 2024, researchers concluded that there was a causal link between the Reddit/Twitter activity and the movements in the stock price [106]
Reactions
Political figures
Alexandria Ocasio-Cortez @AOC This is unacceptable. We now need to know more about
@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 Financial Services Cmte, I'd support a hearing if necessary.January 28, 2021[107]
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,[108] Senator Ted Cruz,[109] Representatives Ro Khanna,[110] Ted Lieu,[111] and Rashida Tlaib,[112] Fox Business host Charles Payne,[113] and conservative political commentators Rush Limbaugh,[114] Ben Shapiro,[115] and Donald Trump Jr.[116][117]
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".[118] 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."[119][120]
In an interview with CNBC,
On January 28,
Public figures
In a
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"[132] and called the situation "an uprising".[133] 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".[134] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? Is that you?"; the tweet was later deleted,[135] Kimmel later called the Redditors "Russian disruptors" on his show.[136] 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."[137] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading".[138] 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.[139][additional citation(s) needed]
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".[8] 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 federal response to the pandemic and stating that it would "end in tears" for the retail investors.[140][141]
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.[142]
Retaliation and protests
Disgruntled users
The Wall Street Journal reported that short seller and Citron Research editor Andrew Left was being targeted online, including an incident where Left's social media accounts were hacked to text his children "threatening, profane and personal language".[148][149][150] Several financial executives hired additional security due to online threats. Gabe Plotkin of Melvin Capital hired security after facing anti-semitic slurs and threats.[151][152] Steve Cohen deleted his Twitter account after threats to his family.[152]
Alleged conflict of interest between Robinhood and Citadel
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
During the February 18 hearing held by the House Financial Services Committee, Citadel CEO 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.[81][82]
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.
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 Swartwoth 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."[164][165]
During the Congressional hearing, lawmakers asked Ken Griffin if anyone in Citadel pressured Robinhood to restrict trading, to which he answered, "absolutely not."[166]
Media adaptations
In February 2021,
Speculation on a second short squeeze ("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.[175] This hypothetical event was eventually dubbed "the mother of all short squeezes" ("MOASS"),[176] and a community sprung up around the theory on various subreddits.[176]
Throughout the months that followed, the MOASS theory continued to evolve and came to allege far-reaching naked short selling and other criminal conduct by major financial institutions, and a belief that short squeezing this will generate stock prices so absurdly high that they could cripple the global economy. The theories primarily focuses on GameStop, but also other meme stocks such as AMC Theatres and Bed Bath & Beyond.[177] Members of this community refer to themselves as "Apes".[176]
The community has been described as a
Further reading
- Mezrich, B. (2022). 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). Activist Retail Investors and the Future of Financial Markets: Understanding YOLO Capitalism. London: Routledge.
- Jakab, S. (2022). The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors. London: Penguin Random House.
See also
- Cryptocurrency bubble – Speculative bubble involving cryptocurrency prices
- Everything bubble – 2020–2021 correlated bubble in assets
- Philip Falcone – businessman who performed a short squeeze in 2012
- Greater fool theory – Theory that the price of an object is determined by consumer demand
- Irrational exuberance – Unfounded market optimism that lacks fundamental valuation
- Pump and dump – Form of securities fraud
- South Sea Company – 18th-century economic speculation bubble
- Tulip mania – 17th-century economic bubble in the Netherlands
Notes
- ^ Public float: the portion of shares of a corporation that are in the hands of public investors.
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