Reddit Servers Go Down As GameStop Stock Price Skyrockets By Over 100 Percent After WallStreetBets Users Initiate Another Short Squeeze

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It seems like good folks are WallStreetBets are back at it again.

On Wednesday afternoon users on the popular forum initiated another short squeeze after a Redditor claimed hedge funds were flooding the market with GameStop short positions after it was revealed the company’s CFO was pushed out.

GameStop stock prices skyrocketed by over 100 percent to a high of $91 per share immediately afterward and trading was halted.

Via MarketWatch

GameStop Corp. GME, +103.94% shares were paused repeatedly on volatility in the final hour of trading Wednesday as the videogame retailer’s stock soared. In recent activity, GameStop shares more than doubled while heading into the close touching intraday highs of more than $90. More than 41 million shares had traded hands near the close, compared with a 10-day average daily volume of 14.7 million shares.

Apparently, everyone flocked to r/WallStreetBets at the same time to see what was happening and the Reddit servers couldn’t handle the traffic.

Update: GameStop stock prices are now up over 200 percent during after-hours trading.

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Brobible sports editor. Jorge is a Miami native and lifelong Heat fan. He has been covering the NBA, MLB and NFL professionally for almost 10 years, specializing in digital media. Email: jorge@brobible.com