How much the meme stock rally has hurt short sellers

Redditors have hurt hedge funds but helped Wall Street. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌‌ ‌ ‌ ‌ ‌ [View on the web]( [Recode]( [Click to view images]( [How much the meme stock rally has hurt short sellers]( Wall Street was rattled last week when a highly coordinated group of redditors drove up the price of GameStop and several other stocks. Normally, driving up a stock price isn't necessarily the worst thing in the world, but in this case, these stocks had been shorted by a number of prominent hedge funds. So as GameStop's share price went sky-high, the hedge funds bled billions. At its peak, the meme stock rally led to $26 billion in losses. Of course, they made back a lot of that as the market leveled off, but it looks like this fiasco could still cost them a nine-figure sum. And as far as we know, the redditors are only getting started exercising this new power over the market they seem to have. Recode's Rani Molla explains the meme stock rally by the numbers. [Click to view images]( [Uber to buy Drizly for $1.1 billion in stock and cash]( The ride-hailing giant’s acquisition expands alcohol delivery options amid coronavirus pandemic. [ Preetika Rana / [Wall Street Journal]( ] [Click to view images]( [To get on this SpaceX flight, you don’t have to be rich, just lucky]( Jared Isaacman, the 37-year-old founder of Shift4 Payments, is chartering a trip to orbit and raffling a seat to a random winner to raise money for childhood cancer research. [ Kenneth Chang / [New York Times]( ] [Click to view images]( [New report calls conservative claims of social media censorship "a form of disinformation"]( New York University researchers released a report stating claims of anti-conservative bias are “a form of disinformation: a falsehood with no reliable evidence to support it.” [ Cat Zakrzewski / [Washington Post]( ] [Click to view images]( [Clubhouse's moment arrives]( Elon Musk disrupts podcasting. [ Casey Newton / [Platformer]( ] [Click to view images]( [Amazon unveils outdoorsy new HQ2, renewing its commitment to offices]( The centerpiece of the design is a 350-foot building dubbed the Helix, which features two spiraling outdoor walkways. [ Konrad Putzier / [Wall Street Journal]( ] [This is Cool Section Title] [Napoleon's brother lived in New Jersey?]( [Learn more about RevenueStripe...]( [Facebook]( Twitter [Instagram]( [Recode by Vox]( This email was sent to {EMAIL}. Manage your [email preferences](, or [unsubscribe]( to stop receiving emails from Vox Media. View our [Privacy Notice]( and our [Terms of Service](. Vox Media, 1201 Connecticut Ave. NW, Washington, DC 20036. Copyright © 2020. All rights reserved.