Here’s a brief explanation: after many years of steady decline, GameStop was not doing well and their stock was extremely low. Then, they hired some new board members and the stock went up a bit. Hedge funds observing the phenomenon decided to “short” GameStop stocks to make a lot of money when it failed. Then the /r/Wallstreetbets subreddit caught wind of their scheme and started buying GameStop stocks like crazy, hugely inflating the price of the stock so this fund lost all its money.
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