Today is Thursday, January 28th, and you're listening to the morning announcements.

I'm Sammy Sage.

The big story yesterday, for once, did not revolve around politics but around the stock market,

with the soaring stock price of Game Stop.

It's all kind of esoteric, but the gist of the story is that a group of creditors on a forum

called Wall Street Betts

drove the price of Game Stop shares up 1,700%.

They did this by collectively buying a ton of shares in Game Stop stock,

which is what caused the price to go up.

This buying spree made some investors millions of dollars in value overnight.

The reason they did this, aside for making money for themselves, was in somewhat of a rebellious move against Wall Street.

This is because some hedge funds were betting against GameStop's share price and stood to make money from it going down instead of going up.

One specific fund engaged in this was

Melbourne Capital Management that reportedly was shorting GameStop stock, in other words

betting that it would go down. They've lost at least 30% in value since the beginning of the year due to

creditors causing the stock price to go in the opposite direction of their

investment bed. To cover their losses they required an injection of almost

$3 billion in cash to shore up their finances and

close out their position against GameStop. In general, according to Business Insider,

GameStop shortsellers have lost more than $5 billion in the year to date.

If this sounds more like gambling than investing,

you would be right, and please tell me again why I shouldn't just keep my money under my mattress.

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