“GameStop”: how a group of Internet users is leading the insurgency against Wall Street

Have we just witnessed a new “Heist of the Century”, according to the formula popularized by Michael Lewis in his book devoted to the profiteers of the financial crisis of 2008? In recent days, a cohort of Internet users, more or less savvy, have succeeded in taking control of Wall Street, bringing several hedge funds to their knees, driving the financial markets crazy and leading American politicians to take a position on this subject. flammable.

It’s a real financial thriller scenario that we bet will be on the screens soon. This is how we can sum it up. By associating online, via the Reddit forum, they have managed to artificially boost the stock prices of several companies, and in the process they have destabilized the finances of certain hedge funds adept at “short selling” (short selling, a practice of dragging the price of shares down to reap profits, to the detriment of targeted companies). Most notable: In just ten days, video game retailer GameStop (owner of Micromania here) saw its value on the New York Stock Exchange increase tenfold, climbing to $ 24 billion … so that the company in question is no longer worth much in reality. At the same time, funds speculating on the downside on Gamestop, caught up in the unanticipated rise in the stock, suffered losses of up to $ 5 billion.

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