TYB!
Anon's brain still processing all this, but here is a summary:
1) Hedge Funds short Gamestop on technicals;
2) Instead of actually "naked shorting" the stock, Hedge Fund(s) buy put options which must be disclosed in SEC filings (no filing if simply short the stock);
3) Redditeers digging through filings see this, and spread the word to the little guys to dog-pile buy this stock to screw over the short (put option) positions;
This piece is more important / notable than the rest, to me:
4) As Robinhood traders were buying their small individual purchases, the aggregated data agreement they have with Citadel Capital caused Citadel to front-run these trades to try and game a profit (HFT / algo' trading scheme).
Therefore, and I am just making up hypothetical numbers here, the effect on the stock price of ~1,000 traders who bought maybe ~100-500 shares apiece each got AMPLIFIED by the HFT front-running scheme, which sent GME soaring beyond the Subrediteers' wildest dreams, and now they are drunk with revolutionary "power". :-)
I admire the spirit of what they were doing, or at least thought they were doing, but think at least partially they got lucky on this one.
It also comes to mind this same technique might work somehow, yet in reverse, to screw over people like the Pelosi's, who insider-traded the election buying millions in Call options.
Well, that is normal, historically. The rest, I guess, could be the "new normal".