GameStop live: Latest updates as Reddit vs Wall Street intensifies


Hedge funds, Gamestop, Reddit investors explained

Video game retailer GameStop’s stock price has increased dramatically due to the actions of users on the WallStreetBets subreddit.

The Reddit users pushed the stock up from $20 on 11 January to a staggering high of $146.97.

Other stocks with a similar profile to GameStop – firms that have struggled in the pandemic – have also soared in value.

The general reason for this is because the stock market is subject to wild speculation that can deem companies like Tesla, for example, more valuable than the nine largest automakers combined.

The more specific reason is that the company found itself as the central catalyst in a battle between short-sellers and online traders.

Follow our rolling coverage.

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The rollercoaster continues

Oliver O’Connell28 January 2021 15:01

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Interactive Brokers also halts purchases of some stocks

Online brokerage Interactive Brokers has put a number of shares, including GameStop and AMC, in a “liquidation only” mode due to “extraordinary volatility in the markets”.

Oliver O’Connell28 January 2021 14:48

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A rollercoaster opening for GameStop

Ben Chapman reports as the market opens in the US.

Oliver O’Connell28 January 2021 14:46

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Robinhood down as markets open

Oliver O’Connell28 January 2021 14:44

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GameStop and AMC shares fall at market open

The fall comes after platform restrict trading of shares in the companies.

Oliver O’Connell28 January 2021 14:41

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Statement from Robinhood

Trading platform Robinhood released the following statement on in its blog:

Our mission at Robinhood is to democratize finance for all. We’re proud to have created a platform that has helped everyday people, from all backgrounds, shape their financial futures and invest for the long term.

We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.

Amid significant market volatility, it’s important as ever that we help customers stay informed. That’s why we’re committed to providing people with educational resources. We recently revamped and expanded Robinhood Learn to help people take advantage of the hundreds of financial resources we offer and educate themselves, including how to make sense of a volatile market. In 2020, more than 3.2 million people read our articles through Robinhood Learn.

We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures. 

Oliver O’Connell28 January 2021 14:36

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Robinhood app halts trading of GameStop, AMC and other stocks as hedge funds face losing billions

Discount stock brokerage Robinhood has removed GameStop, AMC, BlackBerry, and Nokia from the trading platform, according to users.

Only holders of the stock are allowed to sell. A message on the relevant pages on the site tells users that they can close out their position on the stock, but cannot purchase additional shares.

The action was taken before the opening of the markets in the US on Thursday.

Those individual stocks have all surged in value in recent days as amateur daytraders used Reddit forums to organise buying up shares to push prices higher.

Their collective action has triggered huge losses for hedge funds.

Oliver O’Connell28 January 2021 14:35

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GameStop: The fight between Reddit users and Wall Street

Adam Smith explains why everyone is talking about GameStop.

Oliver O’Connell28 January 2021 14:31



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