Hedge funds engaged in "naked shorts".
They sold shares they didn't own.
They sold shares shares that didn't even exist.
They expected no one would notice and they could buy the shares at a lower price as the stock tanked.
Someone noticed and started a buying frenzy.
Institutional investors have to cover those shares they sold.
Small time investors are holding GME pushing the price up.
Will the shares go for 1 million plus? No, not a chance. All the institutional investors will go bankrupt long before that price target.
Hedge funds engaged in "naked shorts".
They sold shares they didn't own. They sold shares shares that didn't even exist. They expected no one would notice and they could buy the shares at a lower price as the stock tanked. Someone noticed and started a buying frenzy. Institutional investors have to cover those shares they sold. Small time investors are holding GME pushing the price up.
Will the shares go for 1 million plus? No, not a chance. All the institutional investors will go bankrupt long before that price target.