Shares in the video game retailer more than doubled at one point after a prominent meme stock investor made his first online posting in about three years.
State and federal regulators have launched numbers probes of the popular stock trading app, just as it hopes institutional investors and its own users will buy up its stock.
Jaime Rogozinski, a former moderator of the now-famous Reddit forum that sent GameStop stock soaring, saw the chaos coming. For too long, Wall Street has been "an invite-only club," he says.
The video game retailer's shares shoot up, the online broker Robinhood struggles for cash and securities regulators issue a stern warning for anyone trying to game the market.
GameStop has seen its stock soar, driven higher by a group of amateur day traders on Reddit, who are taking on Wall Street hedge funds. The frenzy has gotten the attention of regulators and lawmakers.