All eyes on GameStop stock: The White House is currently “watching the situation”

The spotlight on GameStop due to the ongoing stock market turmoil is brightening every moment.

Day trader efforts to leverage investors gambling at GameStop’s low share price, working with Reddit’s Wall Street Betssubreddit, have seen GameStop’s share price peak at $ 380 per share today, with the White House watching the situation carefully. We are escalating to the point where we are watching.

“Our economic team, including Secretary Janet Yellen, is monitoring the situation,” White House spokesman Jen Psaki said at a news conference. Forbes). “But remember that the stock market is not the only measure of the health of our economy.”

Until very recently, GameStop’s chronically low share price has been an attractive target for short sellers and individuals who borrow and sell shares from investors who have stakes in companies like GameStop. I hope they can turn around. If the stock price goes down further, buy back those stocks and claim profits.

A full description and collection of other resources can be found here, but in short, a large number of shortsellers playing with GameStop stocks have invested heavily in GameStop for WallStreetBets traders, bought stocks, and made dozens of shortsellers. A process that encouraged you to spend $ 100 million.

On Monday, GameStop shares closed at $ 65.01 after setting the then record for 2021 at $ 159.18 per share. Today, just over two hours before the market closed, GameStop shares danced between $ 249 and $ 380 per share as the turmoil continued.

update: The US Securities and Exchange Commission has issued an official statement addressing what is known as “ongoing market volatility,” perhaps throughout the GameStop story., And similar trends spreading to AMC, Blockbuster, and other listed companies.

The short statement is: “We are aware of and actively monitoring the ongoing market volatility of the options and equity markets, with our mission to protect investors and maintain a fair, orderly and efficient market. Consistently, our fellow regulators will assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants. “

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