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A few articles on GameStop

Not sure what happened with GameStop last week? (I’m writing this on Friday, which is already a wacky day…)

Here are a few articles that will get you up to speed. I suspect we’ll hear more of this in the coming weeks and months:

How GameStop found itself at the center of a groundbreaking battle between Wall Street and small investors [The Guardian] – “he coronavirus pandemic hit GameStop hard. Like many retailers, already suffering from the shift to online sales, the video games chain is losing money and plans to close 450 stores this year. And yet, surprisingly, GameStop has become one the hottest stocks of the year.”

The GameStop stock frenzy, explained [Vox] – “How a bunch of Redditors made GameStop’s stock soar, much to the chagrin of the hedge funds attempting to short it.”

‘You will lose your money very, very quickly’: What investors need to know about GameStop’s stock surge [CNBC Make It] – “The GameStop surge is making headlines because it’s being driven by retail investors — individuals who buy and sell stocks for their own gains, as opposed to professional investors working on Wall Street — on the subreddit r/WallStreetBets (WSB), a community 2.9 million-strong that refers to members as “degenerates” and idolizes Elon Musk.”

And if you’re not interested in the GME hype, here’s a fun article to enjoy:

Lunik: Inside the CIA’s audacious plot to steal a Soviet satellite [MIT Technology Review] – “How a team of spies in Mexico got their hands on Russia’s space secrets—and tried to change the course of the Cold War.” O RLY?