Then and Now: Pranks

By now, you will probably have heard something about the stock market tug of war between online traders and Wall Street hedge funds over the surging stock prices of several companies, primarily GameStop and AMC. As our Tiana Lowe explains in this week’s Your Land, a handful of Wall Street hedge funds staked out a massive short position on these companies: They bet big on the stock price of GME, AMC, and others to go down. Amateur traders on Wall Street Bets, an investing-focused forum on Reddit, noticed that this position was untenable (for example, hedge funds had collectively shorted 140% of GameStop shares available) and began to buy up these companies’ stock in massive quantities. The coordinated deluge of purchasing drove up the stocks’ prices, which
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