Business
Gamestop on the ASX? Why GME Resources (ASX:GME) share price rocketed 28% today
Over the last week, the world has watched on in astonishment as the Reddit crew on WallStreetBets coordinate an almighty short squeeze on GameStop Corp (NYSE: GME).
The share price for GameStop has skyrocketed 790% in the last week alone. Now ASX-listed GME Resources Ltd (ASX: GME) has surged 28% on no news – Did someone get the wrong GME?
GameStop share price, mob mentality
The massive rally in GameStop comes after the future of the bricks and mortar gaming retailer looked shaky. Short positions (a way of profiting on price decrease) grew, as fund managers looked to capitalise on a collapse – then the antics of WallStreetBets stepped in.
One user devised that if investors bought and held, shorters would be forced to keep…
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