Over the past few days you may have seen articles, memes and social media posts about a financial sub Reddit group costing a billion dollar hedge fund so much money they have been forced to claim bankruptcy.
The grass roots movement started after the sub Reddit group noticed the fund, Melvin Capital Management, had purchased a large amount of the video game retailer GameStop with the intent to short the stock.
The Reddit group decided that they in turn would also buy as much stock as possible, driving the stocks to their highest prices that GameStop has ever seen.
Now, if you're wondering why driving the price up would foil Melvin Capital Management's plans, take a listen to Trevor Noah as he parody's Margo Robbie roll from the movie 'The Big Short"
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