Betting that its downward spiral would continue in a pandemic, some traders shorted GameStop stock. Until, that is, a bunch of amateur traders who congregate on the popular Reddit forum r/WallStreetBets noticed that some big-time hedge funds had shorted billions worth of GameStop stock and decided to stick it to them. They did this by buying (and encouraging each other to accumulate even more) GameStop stock and/or options, causing the share price to go up (and up and up). At least two other sports owners are directly involved in the GameStop mayhem — and, unfortunately for them, not on the right side. He's also the founder and Chief Investment Officer of Melvin Capital — the hedge fund that took perhaps the biggest hit on GameStop.

Source: CBC News January 28, 2021 22:18 UTC