Hedge funds v Reddit

The 1-minute read to get the money news you need.

The GameStop’s here

A 2-million strong group of Redditors have taken on some of the world’s wealthiest hedge fund managers - and it looks like they’re winning. Hedge funds were short selling stocks in struggling US games retailer GameStop, betting that their share price would fall. But day traders in the subreddit r/WallStreetBets decided to act en masse to buy the stocks and drive prices up - losing the hedge funds huge sums while the traders cashed in on small fortunes.

Cottage shortage

A second staycation boom is underway in the UK, with enquiries at one cottage rental company up 300% compared to last year. Now that holidays abroad come with the risk of enforced hotel quarantine, many Brits are booking closer to home for their summer break. But with existing bookings rolled over from 2020 cancellations, accommodation could be in short supply.

EasyJet squeezed

EasyJet saw its revenue fall by 90% in the last 3 months of 2020, with unrelentingly tight restrictions causing a drop in passenger numbers. The budget airline is holding out hope for a rebound once the impact of coronavirus vaccines kicks in. Its own consumer polling says 65% of people plan to make a travel booking in 2021.

£100 contactless limit

We could soon be able to use contactless cards and devices for payments up to £100, after the Financial Conduct Authority mooted plans to raise the limit. However, some are worried that an acceleration towards cashless payments could leave some behind. They want to see cash infrastructure protected for people who rely on notes and coins.