![]() The WallStreetBets Reddit community saw this as an opportunity to push back against the financial elite and decided to whip up a buying frenzy in the hopes of creating a major short squeeze. This was likely an attempt by large players to out-muscle amateur traders and induce panic selling. ![]() 11, causing the stock price to soar 50%.Įven after Cohen joined the board and the stock price began to rebound, a handful of hedge funds and other institutional investors continued to short-sell GME stock. – later joined the GameStop board along with two former associates from his pet health products company on Jan. Cohen – the largest individual shareholder of Apple Inc. The author noted that GameStop stock was being heavily sold short at the time by a number of institutional investors, despite the fact “their books are rock-solid” and Chewy CEO and co-founder Ryan Cohen had spent almost $76 million for a 12.9% stake in the company. ![]()
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