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Snippet of Today, Explained: How GameStop Took Off on r/wallstreetbets Emily Stewart discusses how the video game store became popular with short-sellers and then Redditors. The New York Stock Exchange has paused trading on it. GameStop became an easy bet since it was on a downward trend. Suddenly, tons of members of the Reddit forum r/wallstreetbets piled into GameStop stock and raised it about 700% in January 2021.
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Vox’s Emily Stewart explains how GameStop’s stock jumped by 1,700 percent this month. Bloomberg’s Matt Levine ponders the purpose of the stock market.Transcript at vox.com/todayexplained. Learn more about your ad choices. Visit megaphone.fm/adchoices