Former White House Secretary Anthony Scaramucci claimed on social media that the coordinated effort to inflate the price of GameStop stocks is the start of the “French Revolution” in the business world.
As was previously covered by The Inquisitr, Wall Street was stunned yesterday after a large number of members from Reddit group r/WallStreetBets decided to launch a campaign to send GameStop’s stock price soaring. One of the main reasons behind the rally was that popular hedge fund Melvin Capital had shorted the stock — in other words, they would make millions should the stocks drop in value and lose millions if the stocks made gains.
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