GTA 5 Updates: The controversy was very short lived and it was insane. It was a shock for the people who have invested in the game because they have no idea what they were doing began to gamble their money away.
The whole scheme began after Reddit users noticed that GamesStop’s stock was one of the most shorted stocks on the market, meaning Wall Street was betting the stock and likely see the company going bankrupt.
Redditors also tried to inflate the stock artificially, hedge fund also shorting the stock and they ended up paying the debts from losing the stock and the stock would go higher.
GTA 5: GameStop Stock
The stocks of GameStop wasn’t expected to drop as they did, but as soon as they did it was a shocking news for a lot of people as well as the investors.
Popular brokerage app Robinhood restricted buying on stocks like GameStop after it hit its peak which caused panic in the market. The app also got to be the most downloaded app on the app store. After this decision a lot of people sold and the stock dropped rapidly.
The stock went at the peak when Elon Musk joined the chaos. the hype in the price of the stock made headlines around the world. And this also interest the people to invest in the stock who weren’t even familiar with the it. And that’s where the problem began.
Congresswoman Alexandria Ocasio-Cortez, Mark Cuban, and many other claim this was market manipulation causing outrage across social media. A lot of them forget to sell the stock and other didn’t sell it because they couldn’t afford the loss of the money. Gamestop stock has dipped below $100 a share but is still overvalued, means it has some life left to it.
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