Business
What are hedge funds, and how did they (accidentally) send GameSpot’s stock flying ‘to the moon’? – ABC News
What’s driving GameSpot’s astronomical surge is an unusual battle between Reddit nerds and Wall Street’s billion-dollar hedge funds. But what is a “hedge fund”,…
An unusual battle has been playing out between anti-establishment Reddit nerds and Wall Street’s corporate titans over the past week.
Caught in the middle is a struggling video game chain called GameStop, which you wouldn’t suspect is in any trouble if all you looked at was its share price.
It surged from about $US19 to $US483 (at its peak) in just three weeks a gain of more than 2,400 per cent.
Not bad for an old-fashioned retailer (which has been dubbed the “Blockbuster Video” of the gaming industry)…
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