Winners and losers in the GameStop saga

Follow Us Get the newsletter Greetings, Quicktake readers! This week, amateur traders push GameStop into the stratosphere, agitating Wall Street. Plus, what's the point of a second impeachment trial now that Donald Trump is out of office? Stream now for free. GameStop's winners and losers Bizarrely, the hottest stock on Wall Street is an unprofitable, all-but-forgotten, video game store. GameStop's stock price surged more than 1,700% since the start of the year, driven by a group of amateur investors on Reddit whose organized revolt against hedge funds that bet against the company resulted in billions of dollars lost, infuriating the institutional finance crowd and catching the eye of the White House in the process. The stock fell on Thursday after Robinhood, E*Trade and other online brokerages restricted the wild trading activity, drawing outrage and lawsuits from users and criticism from AOC and Barstool Sports founder Dave Portnoy. The Senate also pledged to hold special hearings on the recent gyrations in the stock market. Ironically, the army of anti-establishment Reddit traders fattened the fortunes of some of the world's ultra-rich: Chewy co-founder Ryan Cohen added $1.8 billion; Chinese billionaires Larry Chen and Wang Jianlin added $4.2 billion and $773 million, respectively; and Tootsie Roll CEO Ellen Gordon added $185 million, to name a few.—Andrew Mach What to watch if ...you need a jolt of climate-friendly news. President Biden announced plans to replace the entire federal fleet of cars and trucks with EVs made in the U.S., a move experts say could take as little as a few years. ...you're looking for love in the time of Covid. Dating changed a lot in 2020 but the CEO of Match never feared the end of online dating. She didn't necessarily expect the sudden boom in subscribers either. ...you're a fish & chips fanatic. Boris Johnson claimed last month's Brexit deal would let the U.K. slowly regain control over its fishing waters, but British fishermen fear the share of cod they can catch may fall. Paid Post   QuickBooks Online is designed to slash the time you spend managing your business finances by helping you create invoices, track cash flow, and so much more with an affordable monthly subscription. No software installation needed. Get organized now!  Save 50% off Quickbooks Online today. Intuit Quickbooks Episodes to binge watch now This Hallucinogenic African Plant May Cure Addiction How the Catholic Church Hid $2 Billion to Limit Abuse Payouts IKEA's New Green Image: Some Assembly Required Why a U.S.-China Space Race Is a Good Thing A Horror Story in America's Drug Supply One question, answered What's the point of an impeachment trial? After all, Donald Trump is already out of office. But if convicted—an outcome that seems more unlikely after GOP senators largely backed a challenge against a second trial—the Senate could hold a vote to ban him from holding future office. We want to know Inspired to invest? The GameStop rally lifted stocks to unimaginable heights, but billionaire investor Mark Cuban has one major piece of advice if you dare venture into the trading game: Do your homework. Still have questions? Submit them here and join us for an hourlong special breakdown of GameStop's wild week Friday at 12 p.m. ET. Watch here. Our favorites of the week Zombie Companies Are Roaming Europe Small Oil Towns Pivot After Keystone XL Canceled Biden Renews Push to Put Harriet Tubman on the $20 Bill The Net Zero Economy Is Arriving Doomsday Clock Stuck at 100 Seconds to Midnight We launched a 24/7 streaming network to reinvent news with live global coverage and original shows on business, tech, politics and culture. Make sense of the biggest stories changing your business and your world. Stream now for free. You received this message because you are subscribed to Bloomberg's Bloomberg Quicktake newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022