The Briefing Room

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David Aaronovitch presents in-depth explainers on big issues in the news.

David Aaronovitch and a panel of experts and insiders present in-depth explainers on big issues in the news.

David Aaronovitch and a panel of experts and insiders present in-depth explainers on big issues in the news

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The Briefing Room: GameStop Shock

GameStop Shock

BBC Radio 4 - The Briefing Room, GameStop Shock

Chaos on the US markets last week as GameStop’s price rocketed. But what really happened?

Pandemonium on the US market as GameStop’s price rocketed. But what really happened when a video game retailer was suddenly worth more than an airline?

There was pandemonium on the US stock market when shares in a chain of video game shops went through the roof. At one point GameStop’s stock, which averaged just seven dollars last year, was valued at more than 480 dollars. The frenzy was fuelled by cheerleaders on Reddit. 

Investors were being encouraged to buy the stock even as it became clear that they would probably lose most of their investment. There was a mood of rebellion online and clear hostility to millionaire hedge fund managers. 

Then one of the platforms that offered small investors free access to the market said it would temporarily no longer allow new purchases of GameStop stock. This prompted furious claims of unfairness; accusations that Wall Street had shut out the little guy; that there was one rule for the big investor and another for the amateur. 

So what did actually happen? 

Was this truly a battle between the Davids and the Goliaths of the financial world? What will happen next? And why does it matter?

Contributors:

Elizabeth Lopatto, The Verge

Sebastian Mallaby, The Council on Foreign Relations and Washington Post

Philip Coggan, The Economist

Susannah Streeter, Hargreaves Lansdown

Producers: Tim Mansel, Sally Abrahams, Kirsteen Knight
Editor: Jasper Corbett

Intelligent speech, the most insightful journalism, the wittiest comedy, the most fascinating features and the most compelling drama and readings anywhere in UK radio.

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