It's a big week on Wall Street, but this time it's the hedge fund managers who are feeling the heat while the "little people" (aka regular people with small investments) wreak financial havoc.
In layman's terms, this week people on the subreddit /WallStreetBets have banded together to buy Gamestop stocks after learning that Wall Street was betting the retailer's stock would plunge. Essentially, Hedge fund managers were planning to "short" Gamestop stock, but their plan was intercepted.
Shorting a stock means borrowing shares, selling them to another investor with the assumption they will go down and you can buy them back for cheaper (thus making a profit), before returning them to who you borrowed from.
In clearer terms, shorting is like borrowing a friend's movie, selling it to someone for $10 assuming it'll only be worth $1 in a few weeks, and then buying back another version of the movie for $1 later on. When you return the movie to the friend, you've made a $9 profit. However, as with everything in the stock market, shorting predictions don't always go as planned, and this is where the people of /WallStreetBets have swooped in to mess up the game of Wall Street regulars.