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A Fight Over GameStop's Soaring Stock Turns Ugly
Today, a war over the value of video game retailer GameStop's stock has caused what market guru Jim Cramer called "the squeeze of a lifetime." Howling with glee along the way, traders on the chaotic and obscene subreddit Wall Street Bets helped push GameStop's stock price up from $20 on January 11 to $73 after traditional analysts deemed the stock a clunker. While this isn't the first time Wall Street Bets has contributed to a surprising market shake-up, GameStop's unlikely trip to the moon is unique in both its velocity and allegations of harassment and hacking that accompanied it. Like other physical retailers, GameStop's business has suffered throughout the last year. Few gamers would rather hit the mall than Amazon's significantly safer "Buy Now" button.