What happened in the GameStop saga?

In early December, GameStop reported that net sales plummeted in the third quarter of its fiscal year 2020, down more than 30\% compared to the same time period in 2019. GameStop shares plunged nearly 20\% the next day, closing on Dec. 9 at $13.66 a share.

Why is everybody buying GameStop stocks?

Many bought GameStop call options, which allow investors to buy shares for a certain price by a specific date. Kramer said that some GameStop short sellers are buying the stock to close their positions and return the shares, while others are buying stock because they see value in it and want to get in the game.

Who benefited the most from GameStop stock?

Fidelity FMR is the top holder of GameStop shares. It owns 9.5 million shares, through September, or nearly 14\% of shares outstanding. Adding that up and Fidelity hauled in a nearly $3 billion gain just this year for its investors.

How does the GameStop stock work?

In a short sale, they borrow a share of GameStop and then sell it. Later, if the stock price does as they expect, they can buy the stock at a lower price and keep the difference. GameStop is one of the most heavily shorted stocks on Wall Street.

Why is GameStop stock soaring?

Yesterday, GameStop stock more than doubled just shy of a month after the “meme” stock’s short-squeeze captivated retail investors and social media. It’s said that more than 77 million GameStop shares were traded during the day, including 30 million after-hours. Other meme stock favorites including Express Inc.

How does GameStop benefit?

The company offers various amazing employee benefits like Employee Discounts, Paid Holidays, Vacations, etc. For company employees, GameStop offers up to 18 days per year vacation. On AT, GameStop offers an exclusive 50\% off discount to its employees.

Who made millions on GameStop?

Mike McCaskill spent years scouring the stock market and betting on long shots. Then he found the opportunity that changed his life—and helped spark the mother of all short squeezes.