Most meme stocks that took Wall Street by storm at the beginning of last year slumped to record lows this year, wiping out almost all of their gains resulting from the short squeeze rallies triggered by retail investors’ bets against short-selling hedge funds.
The members of social media forums, such as Reddit’s Wall Street Bets, got together to bet against the hedge funds on stocks possessing weak fundamentals. The short squeeze helped retail investors gain significantly.
