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Expand chart
Source: FactSet; Chart: Axios Visuals

Shares in GameStop surged as high as $76.73 on Friday in what has been described as an "epic short squeeze."

Why it matters: The GameStop fight, with Redditors and TikTok influencers on the long side and investment professionals like Citron Research's Andrew Left on the short side, has turned ugly in recent days. But for the time being, the amateur investors are winning.

The big picture: The game being played here is much more dangerous, and much more expensive, than anything available for sale at the debt-encumbered video game retailer. For the time being, the amateurs are winning. But as the $20 decline in GameStop's share price on Friday afternoon alone shows, both sides have enormous potential for losses.

Go deeper: How high-risk traders are using Reddit and TikTok to scalp huge profits

Go deeper

Stock market has worst week since October amid Reddit frenzy

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Wall Street had its worst week since October as day traders bid up stocks for GameStop, AMC and others that gained popularity on Reddit.

Details: The S&P 500 fell more than 1.9% on Friday. All of the major averages fell more than 3% this week.

Robinhood has a stacked policy team — and it's going to need it

Photo Illustration: Justin Sullivan/Getty Images

The stock-trading app Robinhood has an arsenal of political power brokers it can deploy on its behalf as it faces congressional inquiries over its role in an internet-fueled market manipulation frenzy.

Why it matters: The populist, discount trading platform is going to need that firepower because its decision to suspend trading of stock in GameStop and a number of other companies on Thursday has sparked criticism and promised inquiries from both sides of the aisle.

Felix Salmon, author of Capital
Jan 29, 2021 - Economy & Business

SEC says it will "closely review" restrictions on Reddit-fueled stocks

Photo: Olivier Douliery/AFP via Getty Images

The Securities and Exchange Commission on Friday warned Robinhood and other brokerages that it will "closely review" actions they took on Thursday that prevented investors from buying stock in GameStop and other popular Reddit-fueled stocks.

Why it matters: The move from Robinhood generated anger across the political spectrum and among small investors who wanted to participate in one of the most exciting stock-market trades of the moment.

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