How GameStop caused a market shift on Wall Street – Daily Access News
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How GameStop caused a market shift on Wall Street

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The question on everyone’s mind that every investor is pondering over is: how did the struggling video game retailer, GameStop Mania, make a solid turnaround overnight, making it Wall Street’s hottest stock? Well, we cannot deny the fact that everyone loves a good unexpected success story, especially when it involves plucky underdogs sticking it to “The Man.” And this is exactly what happened. For most people, this was a chance to have a good laugh, but to most, it was a chance for them to impact change; you could call it a generational fight.

Before we dig in, let’s get into the basics. What is GameStop Corporation?

Game Stop Corporation is an American specialty retailer that uses e-commerce to provide video games, consumer electronics, and merchandise products. It’s the largest U.S retailer and sells used and new game equipment. A large population of young people grew up with GameStop mania hence playing a huge role in the childhood memories of so many. The video game chain, GameStop has more than 5,000 stores that allow its customers to trade-in or sell their consoles, games as well as gaming accessories. The recent development in GameStop mania peaked the public’s interest after its stocks rose in a short time resulting in the exit of short-selling hedge funds. The American video game retailer struggled to stay afloat for years, and the CoronaVirus pandemic worsened the situation. Before this significant turnaround, the company had closed 783 stores in a span of two years.

So what exactly happened?

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