What the GameStop Rally Has Revealed about Financial Media ...Middle East

The New Republic - News
What the GameStop Rally Has Revealed about Financial Media
source : The New Republic ( Middle East ) () 13
For a brief moment on Wednesday afternoon, CNBC anchor Scott Wapner appeared to be on the verge of an epiphany. Wapner was, in that moment, in a heated debate with venture capitalist Chamath Palihapitiya about the value of GameStop, the brick-and-mortar gaming retailed whose stock price had been rising exponentially after a group of Reddit users banded together to inflate its share value—and punish the hedge funds that had been shorting its stock. “I still haven’t heard you tell me what the fundamental case is for GameStop at $350,” an exasperated Wapner said. “There’s no fundamental reason why they’re there. They’re trading [at that value] because there’s this momentum cohort behind it” on

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