This is Recode Media, Peter Kafka. That is me. I'm delighted to talk to Andrew Osorkin, who has many jobs. He helped create billions. He has a day job at the New York Times. He also has a day job at CNBC. He's a very busy man. Delighted he could take some time to talk to us about the story of the month, week, year. It's called GameStop. Welcome, Andrew. I don't know. Do we think

it's got, that's going to be a very interesting thing. In a year from now, are we going to think

this was the story of the year? Was this a story of the moment? And as we've watched, even just

this today, the stock falling the way it has, is that mean the story's over, you know?

We're recording this Tuesday afternoon. You might get it Tuesday night, Wednesday morning. It's a story in progress. But it is interesting, right? Had we talked a week ago, I think this was still in the like, that's a really weird thing that's happening. It's kind of a side show, but it's interesting. And then by middle end of the week, all sorts of people, sober people were saying,

listen, you know, the people at Reddit have a point and whatever happens here, things are

changing fundamentally in the way we deal with finance. But now if GameStop goes back to where it was,

and it's falling, it's at what, 90 bucks now? We're 90 bucks now. So down from 468. If it just

turns out that this was just a weird anomalous pop that a bunch of people got excited about. It was a bubble.

We've seen bubbles before. Maybe it's not a story after all. Maybe it does go away. I don't know.

I think we're going to see more of it. Maybe not in GameStop,

but I think the idea of a social media-enabled trade where you can actually gather people and

funds and money, real money, I think is not going anywhere. And I think you're going to see

that play itself out in terms of how it impacts even traditional aspects of Wall Street and hedge funds

and even the idea of shorting and how people think about that kind of risk and everything.

I want to talk more about that, but first of all, let's ask you where you think this goes.

Does GameStop go back to where it was a month ago? Is it back into single digits? Are we done here?

Yeah, I'm not a stock market prognosticator at all. I, you know, just on a fundamental basis,

most people would suggest it's a $10 or $20, maybe $30, $40 stock. I don't know. You can take your pick somewhere in there.

By the way, for all you know, it could trade it a premium to that for some period of time.

It's been shocking to me that actually GameStop executives have not decided to issue shares

amid all of this and try to actually raise cash.

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