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The Reddit community r/WallStreetBets has become a central hub of a financial push to hurt Wall Street investors who bet big against GameStop’s future. As the social media investors pushed shares of the company up, Wall Street has had to recalibrate its bets, pushing shares beyond their all-time highs. Having kept his cool to stroke in controversial injury-time winners versus Stoke and Middlesbrough over the previous week, that boosted the Welsh club’s hopes of a return to the top flight via the automatic route, he made a much earlier intervention to seal the draw that took them level on points with second-placed Watford with a game in hand.
It was the Ghana international striker’s fourth successful from the spot in as many matches, and his fifth goal in that sequence all told, but Swansea could not add to it against a team that have tumbled down the Championship since the new year. Online betting is a billion dollar industry with a fierce competition between operators as more and more companies establish their presence in the online environment. It is extremely difficult to build a reputation and to attract a considerable number of clients.
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GameStop shares skyrocketed from less than $20 in early January to more than $480 at the end of January thanks to a massive push by traders on the Reddit forum r/WallStreetBets. The stock price has dropped dramatically since then. Stocks then moved back up and ended the day at $265, a 7% increase for the day. GameStop shares spiked Wednesday, reaching $348 apiece, only to come crashing down to $172 each early in the afternoon, causing multiple halts in trading of the stock due to volatility.
The Senate Banking Committee held a hearing Tuesday to discuss recent GameStop volatility and the “gamification” of trading by popular investing apps like Robinhood. There are concerns that zero-commission brokers contribute to the volatility of the market and give inexperienced people access to risky trading options.
