REDDIT users managed to send shares for retailer GameStop skyrocketing in a move that has left major hedge funds reeling from billions of dollars in losses.
Users in a group called WallStreetBets came together to send GameStop's shares up a shocking 130% on Wednesday.
The struggling video game store's shares are up a total of 1,700% percent since the beginning of January, from $17.25 per share to $347.51 on Wednesday.
The Wall Street trolls, apparently led by YouTube finance expert "Roaring Kitty," are driving up share prices by betting against Wall Street short-sellers.
Short-sellers, despised by many, are big hedge funds that bet on a decline by selling borrowed shares in the hope of repaying at a lower price.
WallStreetBets is a Reddit group with several million members who share trading tips about how to beat "the system," and users have been on a GameStop buying spree.
The influx in purchases has been putting pressure on short sellers to make purchases to avoid steeper losses.
GameStop's three largest investors have made $3billion since the stock prices began climbing, according to the Daily Mail.
WallStreetBet's followers have caused such a massive disruption to the stock market that they have attracted the attention of authorities, and even the White House.
"Our economic team, including (Treasury) Secretary (Janet) Yellen and others are monitoring the situation," White House Spokeswoman Jen Psaki said on Wednesday.
"It's a good reminder, though, that the stock market isn't the only measure of the health of our economy," she added.
The Securities and Exchange Commission also confirmed on Wednesday that it was monitoring the activity.
A number of big-time hedge funds who shorted GameStop stock speculating that share prices would fall are now dealing with massive losses.
Citron and Melvin Capitol said on Wednesday that they had closed out their short positions after suffering undisclosed losses. Experts speculate those could be in the billions.
GameStop isn't the only company being targeted by the Wall Street trollers.
Stock skyrocketed for other companies that had been heavily shorted by Wall Street firms as well.
AMC Entertainment's shares jumped a whopping 300% on Wednesday, and BlackBerry's were up 33%.
Wall Street experts warn, however, that the skyrocketing stock prices will not likely last long, as they do not reflect the health of the businesses.
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