Third Most Recent File: https://www.sec.gov/Archives/edgar/data/1628110/000090571820000457/xslForm13F_X01/infotable.xml "[108] Trading on March 8, specifically, caused $609 million in losses from short sellers. He stated on January 29, 2021, after the GameStop short squeeze, that he "thought this trade would be successful" but "never expected what [had] happened over the last week", adding that he planned to continue his YouTube channel as Roaring Kitty and potentially buy a house. [94] On January 27, a Melvin Capital spokesperson stated that the fund had closed its position after repositioning its portfolio. It notes that Swartwout then stated, "I have to say I am beyond disappointed in how this went down. [41] The value of AMC Networks (ticker symbol: AMCX) also increased significantly, which was believed to have happened because of the stock's name being similar to AMC's. GameStop And The Short Squeeze. [30], Later analysis by a cyber security company of social media posts suggested that thousands of automated bots may have hyped GameStop stock, Dogecoin, and other stocks, on social media. (2023). [103] Other firms that incurred large losses include D1 Capital Partners, which lost $4 billion (20 percent of its capital). Dude everyone thinks I'm crazy, and I think everyone else is crazy. [159] Users on r/wallstreetbets deny involvement in the increasing price of silver, instead blaming the increase on institutions and hedge funds with positions in silver, such as Citadel, seeking to offset losses on GameStop. Jan 27, 2021. Citadel Securities stated that they did not instruct any brokerage to suspend or otherwise limit trading, and Robinhood denied that it had been pressured by Citadel. On March 25, the stock recovered dramatically, rising by 53 percent. [248], 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 Citadel Securities. In premarket trading, the price reached levels above $500, from around $17. ", "This is beyond absurd. [12], The subreddit r/wallstreetbets is an online community on Reddit, a social news website. [15], 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. I think small-time investors like that, unsophisticated investors, are going to be hurt by this. It was previously branded as Textalytics. The GameStop short squeeze story is headed to the big screen in 2023. [226] OpenAI CEO Sam Altman suggested the company change its name. It opened that day at $42.59 a share and closed at $65.01. @FSCDems need to have a hearing on Robinhood's market manipulation. [25], In January 2021, Reddit users on the r/wallstreetbets subreddit built the foundations for a short squeeze on GameStop, pushing up the stock price significantly. [236][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". [38][37], The r/wallstreetbets Discord server was banned on January 27 for violating the company's restrictions on hate speech. [233] 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. [121], The trading led to increase in the stock of the Koss Corporation, and by selling stock the executives and directors of the company were able to earn $45 million, which was greater than the company's valuation in 2020. #DeleteRobinhood", "Elon Musk lashes out at short sellers during GameStop market war", "Ja Rule, a Robinhood User Since 2014, Calls GameStop an 'Uprising', "Jon Stewart joins Twitter and defends the Redditors", "Jimmy Kimmel deletes tweet suggesting Jon Stewart sounded like Trump by backing GameStop traders", "Jimmy Kimmel Sparks Anger For Calling Reddit Investors 'Russian Disruptors', "Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising", "Mark Cuban, Dave Portnoy, AOC and others react to Robinhood restricting trades on GameStop and AMC", "Wall Street may never be the same after GameStop saga", "Leon Cooperman on GameStop Reddit speculators: 'I'm not damning them' but it will 'end in tears', "Robinhood is getting trashed on Google Play", "Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users", "Robinhood plummets back down to a one-star rating on Google Play", "Protesters gather at Robinhood HQ, SEC, NYSE", "Angry customers show up at Robinhood's headquarters in the wake of GameStop trading chaos", "The GameStop Short Squeeze Shows an Ugly Side of the Investing World", "GameStop short-sellers Melvin Capital and Citron surrender their bearish bets after 700% rally drives huge losses", "Citron Research covered majority of GameStop short position in $90s/share", "Death Threats and Hate Force Hedge Funds to Step Up Security", "Robinhood and Citadel's relationship comes into focus as Washington vows to examine stock-market moves", "Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders", "GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities", "The Citadel Link: What Ken Griffin Has to Do With GameStop", "Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit", "Citadel Securities Says It Learned of Trading Curbs on Twitter", "Citadel Securities Faces New Pressure Over GameStop Frenzy", "Reddit rejoices as hedge-fund billionaire Ken Griffin fires back at those making #KenGriffinLied a trending topic on social media", "Court Filings Spark New Citadel-Robinhood GameStop Theories", "Here's what Robinhood executives allegedly said internally at the height of the GameStop short squeeze", "#CitadelScandal is trending on Twitter as retail traders express fresh outrage over allegations around meme-stock trading", "Netflix Finalizing GameStop Stock Movie Package; Mark Boal In Talks To Write, Noah Centineo Attached, Scott Galloway To Consult", "MGM Lands Rights To Ben Mezrich's Book Proposal 'The Antisocial Network'; Would Chronicle Recent Wall Street-GameStop Chaos", "Three GameStop movies are rushed into development. [88][248] Steve Cohen deleted his Twitter account after threats to his family. In the gamestop short squeeze, melvin and citron (and possibly others) shorted gamestop's stock. [27] The stock price increased 1,500 percent by January 27 over the course of two weeks, and its high volatility caused trading to be halted multiple times. [54] Anthony Denier, the CEO of Webull, stated that increased collateral requirements for their clearing house meant Webull themselves were restricted from opening new positions. [78], On March 8, the stock saw continued rising of 41 percent to $194.50, and with around 25 percent of the stocks being shorted at this time. The GameStop short squeeze has now lasted far longer than we might expect. GameStop had been a favourite target of short-sellers for some time. This can result in a cascade of stock purchases and an even bigger jump of the share price. [99][100], According to a report by Bloomberg, Andrew Left, an activist short seller and head of Citron Research, had also shorted the stock and claimed to have closed the position as a total loss. In January 2021, a short squeezeof the stockof the American video game retailer GameStop(NYSE: GME) and other securitiestook place, causing major financial consequences for certain hedge fundsand large losses for short sellers. His investigation has extended to 13 entities, including Discord, Robinhood, the trading platforms Interactive Brokers and TD Ameritrade, and Citadel Financial. Actor and rapper Ja Rule, who had used Robinhood since 2014, said what the company did was "a fucking CRIME"[229] and called the situation "an uprising". On January 22, 2021, approximately 140 percent of GameStop's public float[a] had been sold short, meaning some shorted shares had been re-lent and shorted again. [21] r/wallstreetbets was the fastest-growing subreddit at the time the community surged by more than 1.5 million users overnight (to a total of 6 million members) on January 29. #RobinHood #RedditArmy #GME #GMEtothemoon", "Robinhood restricts trading of GameStop stock, drawing criticism from lawmakers", "Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino', "Warren calls on SEC to crackdown on market manipulation, explain GameStop rally", "Massachusetts regulator says GameStop speculation is a danger to the whole market, as TD Ameritrade restricts trading", "Kevin O'Leary cheers GameStop frenzy despite risk as 'real world' lesson for novice investors", "DiNapoli: NYS Pension Fund Favored from Increase in Value of GameStop's Stock", "Reddit co-founder Alexis Ohanian compares GameStop's epic ride to Occupy Wall Street: 'I don't think we go back to a world before this', "Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street", "GameStop's Reddit Revolution Echoes Occupy Wall Street Crusade", "Kelly Evans: Gino Siniscalchi: Occupy Wall Street 2.0", "I got to say I LOVE LOVE what is going on with #wallstreetbets. A group of angry Redditors have caused billions of dollars of damage to hedge funds shorting GameStop stocks. The study was published last week to the journal Royal . These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29. Restricting who can buy and sell is using a hammer on free markets", "It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. [48], On January 28, Robinhood halted purchases of GameStop, AMC Theatres, BlackBerry Limited, Nokia Corporation, and other volatile stocks from its trading platform; customers could no longer open new positions in the stock, although they could still close them. GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it's still not comfortable giving guidance yet. This leads to a sharp rise in demand for the share, and huge rally . Shares closed at $246.90, and increased a further 3 percent in after-hours trading. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. [47], According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher. Keith Gill (u/DeepFuckingValue), r/wallstreetbets, January 2020[14], Even before the short squeeze, there had been interest in GameStop (ticker symbol: GME). and Robinhood". [63] On January 29, it was reported that Robinhood had raised an additional $1 billion to protect the company from the financial pressure placed by the increased interest in particular stocks and meet the collateral requirements of clearing houses. [251] The Washington Post reported that Robinhood routed more than half of its customer orders to Citadel, which was its largest market making partner by volume. [228], Several celebrities and influencers also criticized Robinhood. [104][105], On January 26, it was reported that short sellers had lost a total of $6 billion due to the squeeze. Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he . [4][5][6], GameStop, an American chain of brick-and-mortar video game stores, had struggled in recent years due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person. No timelines, all speculative. Several hedge funds even . Any number over 10% is relatively high, but it's nothing crazy for a company like GameStop that is struggling so badly. [88], By January 28, 2021, Melvin Capital, an investment fund that heavily shorted GameStop, had lost 30 percent of its value since the start of 2021, and by the end of January had suffered a loss of 53 percent of its investments. [20], On January 27, 2021, technology news website Mashable reported that the subreddit had broken pageview records due to the short squeeze, receiving 73 million pageviews in 24 hours. [231] Late night host Jimmy Kimmel criticized Stewart for his tweet, sarcastically asking him "RealDonaldTrump? being halted at least once as the price fell by double-digit percentages. [107] On February 1, GameStop short interest fell to 39 percent of free-floating shares, from 114 percent in mid-January, according to IHS Markit. [222][223][224] Similar sentiments sympathetic for the retail investors were expressed by billionaire investors Mark Cuban[225] and Chamath Palihapitiya. The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, primarily triggered by the Reddit forum WallStreetBets. [154] Robinhood then began limiting the trading on Dogecoin. [45], On January 28, more than 1 million GameStop shares, then worth $359 million, were deemed failed-to-deliver. [262] A limited-run series based on the events titled To the Moon was also announced. GameStop is a brick-and-mortar video and computer game retailer. #RobinHood #WallStreet My full statement below:", "SEC reviewing recent trading volatility amid GameStop frenzy, vows to protect 'retail investors', "SEC vows to punish 'abusive activity' amid GameStop, Robinhood drama", "SEC Says It's Examining Market Mania for Potential Misconduct", "Robinhood to resume trading on GameStop, AMC stock amid volatility", "Robinhood Users Suing Over Trade Limits Face High Legal Bar", "The Texas attorney general will investigate brokers' decisions to limit GameStop trades", "Democrats in Congress will hold at least 2 hearings about Wall Street's practices following the GameStop short-squeeze", "Game Stopped? [184][185] Several other investors began using the app DoNotPay to automatically join the lawsuit. GameStop's short percent of float recently was about 13.3%. 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. [242] Protesters also showed up outside Robinhood headquarters in Menlo Park, California, at the Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange. [95][96] For the month of February, Melvin posted a 22-percent gain, but it would need much more to break even from their earlier losses; they were reported to have suffered further losses during the GME's continued resurgence in May 2021. I've dealt in deep value stocks for years but have never endured bearish sentiment this heavy. The unusually high price and volatility continued after the peak in late January. The changes in price were primarily the result of a short squeeze rather than the improved financial performance of GameStop. [111][112] GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. [62][61] Brokerage firms claimed that the increased collateral could not be provided in time, and, as a result, trading had to be halted. [51] Trading platforms such as UK-based Trading212 and Israel-based eToro blocked buys of GameStop and other stock while continuing to allow sales. [86][87], Short sellers who had bet against GameStop suffered large losses as a result of the short squeeze. [52] Webull halted buy orders for stocks affected by the squeeze,[53] but soon thereafter allowed orders to continue. [81] On the morning of 10 March, the stock rose as high as $348.50, before being paused for volatility, and then dropping 40 percent by 12:30 pm EST to the previous day's close. In a short squeeze, if users are able to drive the price of a stock high enough, they can force hedge funds to liquidate their short position, driving the price even higher. [118][114] Asset manager BlackRock had a roughly 13-percent stake in GameStop, which was worth $2.6 billion at the peak. [150][151][152] Users of the subreddits r/CryptoCurrency and r/SatoshiStreetBets attempted to pump up Dogecoin to make it "the next GME/Bitcoin". [160][161][162][163], 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. The same judge had previously dismissed a lawsuit alleging that there was collusion between brokerages and Citadel Securities. CNN reported that the drop was partly due to restrictions imposed by Robinhood and other brokers on the number of shares that could be purchased at once by their clients. This initially triggered a monstrous short squeeze. On January 28, some brokerages, particularly app-based brokerage services such as Robinhood, halted the buying of GameStop and other securities, citing the next day their inability to post sufficient collateral at clearing houses to execute their clients' orders. [50] After the markets closed, Robinhood announced it would begin to allow "limited buys" of the affected securities starting the following day, although it was unclear what "limited buys" entailed. Large losses could lead to a short squeeze Dusaniwsky calculates that there continues to be moderate short covering in GameStop with short sellers covering 685,000 shares, worth $207. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. Canada - English. [57] Clearing houses must have enough collateral on hand to settle a member's outstanding transactions in the event any particular member firm failsto prevent cascading failures of other membersand can demand additional collateral (i.e., margin calls) from members if market volatility starts to increase. Gme).keith gill, known by the reddit username deepfuckingvalue and the youtube and . Even my 11 yr old traded w them and made $", "I remember when I met the @RobinhoodApp founders when they were raising their Seed, Series A and Series B. I passed. [235] 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. "[234] Barstool Sports founder David Portnoy also criticized Robinhood for its lack of "free trading". I'm not sure there is. 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gamestop short squeeze timeline