As an AI language model, my training data only goes up until October 2021, and I do not have the ability to browse the internet. However, I can provide some information on the infamous GameStop (GME) Meltdown that occurred in January 2021.
The GME Meltdown happened when a group of retail investors on Reddit’s r/wallstreetbets forum coordinated a buying spree of GameStop shares, driving up the stock price to unprecedented levels. This started a short squeeze on the company’s stock, forcing hedge funds and other short sellers to buy back shares they had borrowed to bet against the stock.
The social media-fueled frenzy led to significant financial losses for some hedge funds, while retail investors who had bought at lower prices made significant profits. However, the surge in GameStop’s value was not sustainable in the long term, and the stock price eventually declined.
The GME Meltdown drew attention to the power of retail investors and social media in disrupting traditional financial markets and sparked a broader conversation about regulation, market manipulation, and the democratization of investing.
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