$GME price plummeting after CNBC reported Melvin Capital is surrendering and closing out its short position. Amazingly, it got as high as $365, which meant GameStop had a mkt cap of $25b, making it the 350th biggest co for a minute there (it ranked 1,450th a week ago at $2.7b).

Also (If my math is right) by hitting $365 that meant that the hedge funds were down nearly $20b in the last 24hrs alone as there was $5b in short interest on a stock that moved up 375%. This 'unlimited downside' is what makes shorting so scary imo.

To be sure, the price is only "plummeting" from it's insane $365 peak at 5:45am. It's still up like 100% in a day and 300% in a week.