What’s Different About the GameStop Bubble?
By conspiring to drive up struggling companies’ stock prices, GameStop investors believe they beat Wall Street at its own game. But there are no clear-cut heroes or villains in this story, just some investors who will be able to weather their losses better than others.
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CAMBRIDGE – In the last week of January, the price of stock in GameStop – an ailing brick-and-mortar video-game retailer – soared 323% for the week and 1,700% for the month. Nothing happened within the company to drive the increase; its fundamentals remain unchanged. It was a speculative bubble – but with a twist.