Meme stock mania, born during the peak of the coronavirus pandemic, has turned the tables on institutional investors by banding retail day traders together via social media to pump the stock of companies Wall Street bets against.This new generation of traders, assembling on websites like Reddit’s popular WallStreetBets forum and using commission-free trading apps like Robinhood, made headlines after they catapulted the stock price of flailing video game retailer GameStop.Shares surged from $3 in 2020 to past $300 at the end of January 2021, causing historic market volatility and substantial losses for short-selling hedge funds.
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