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The White House is ‘monitoring the situation’ as Reddit pushes GameStop stock even higher

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One of the more unexpected developments of the week, month, and year is the sudden comeback of GameStop. And I do mean sudden: After a gentle rise through the second half of 2020 driven by a new Microsoft partnership and promising financial results over the holiday season, the company’s share price exploded from well under $20 at the start of January to, as of 1:30 pm on January 27, $325.

That jump has been fueled largely by communities of speculators like the WallStreetBets subreddit ,  which took issue with a cautionary tweet on January 19 from Citron Research warning that the share price would go back to $20 “fast,” and that people buying in at higher prices “are the suckers at this poker game.” Citron, a GameStop short seller, had good reason to want to see the price go down: The higher it rises, the more the firm stands to lose.

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