Apparently, there is a betting war between Melvin Capital and r/Wallstreetbets of reddit that is causing some major volatility on the exchanges.
$GME is Gamestop, the brick and mortar store whose major focus is to rent/sell/trade physical game copies of major video games titles and has been going to way of Blockbuster.
Recent hiring of a Mr. Cohen of Chewy fame has drawn some interest in the stock, but when there was an announcement of serious shorting of over 100% of all possible stocks issued, a subreddit called r/wallstreetbets sprang into action and began driving up the price of the underlying by purchasing call options, in an attempt to short-squeeze Melvin into covering their position.
Since October of 2020, the overall value of $GME has risen from ~9.70 USD to around 290 USD as of 27 January 2021 | pre-market.
All one can do is watch on the sidelines safely as this major train wreck of a speculative attack goes on throughout the remainder of January.
Someone is going to lose…and it is *NOT* going to be pretty.!