The internet has stunned the world again, this time by beating and costing hedge-fund legends Steve Cohen and Ken Griffin, amongst other hedge funds and professional traders billions in one of the most coordinated attack on the financial markets.
Typically, when the websites of Reddit or 4chan appear in the news, there is a negative connotation attached with it and its users. However, in this case minor delinquency has caused share prices of GameStop Corp to skyrocket in a momentary spike.
The coordinated move was planned on the subreddit r/wallstreetbets following a series of short squeezes on the market by larger firms. At the moment, retail traders have entered the market in a battle to bring the price down. This tug-of-war between two sides may last for only a short while as the price of GameStop Corp has come back to its original levels.