A David and Goliath saga is unfolding in financial markets over the stock price of struggling retail chain GameStop. On Wednesday, Goliath walked away from the battle. Two Goliaths, actually. A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have essentially admitted defeat. The victor, for now at least, is an army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop’s stock and beat back the professionals. GameStop’s stock surged as high as $380 Wednesday morning, after sitting below $18 just a few weeks ago.
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January 27, 2021 at 09:39PM
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In Wall Street David v. Goliath story, 2 Goliaths fall - wpta21.com
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