Saturday, July 13, 2024

Glowlit Update – Main Street versus Wall Street

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Like many people around the world, the Glowlit team has been watching the stock market in awe and disbelief. GameStop (GME), a chain of brick and mortar stores selling video games, saw its stock price rise as much as 1,700% this week, driven largely by an army of individual investors trading on the fee-free app Robinhood. These retail investors rallied online in a popular forum called WallStreetBets on the social media platform Reddit, with the intent of raising the stock’s price to combat a short position taken by hedge fund Melvin Capital. The result has been both. . .

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