GameStop??

I don't really understand what is going on with the Gamestop story but as it involves people sticking it to 'The Man', i'm all for it.
As i understand it, GameStop is an American high street shop that sells games, consoles and other electronics which was struggling due to the pandemic and Hedge Funds were short selling their shares, hoping to make a bundle when it failed and the shares price dropped.
Apparently, Hedge Funds borrow shares in the company and sell them, with a promise to buy them back at a later date when they are cheaper and making themselves a packet.
The analogy on Radio 5 this morning was to imagine borrowing your friends phone and agreeing to give it back to them in a month.Then you sell it to someone else for £100, again promising to buy it back off them in a month but a month later the phone is  not so new and exciting anymore so you buy it back for £50 and congratulations, you've made £50!
Obviously a massively simplified explanation of short selling and hedge funds make billions doing it and that's what they tried to do with the GameStop shares betting they would lose value but huge numbers of people in the Reddit forum bought shares in GameStop and the demand raised its share price massively, 700% in a week, and everyone who had banked on it dropping in value had to buy their shares back to prevent bigger losses, losing them billions.
Obviously the Hedge Funds are not happy about it and anything which makes them not happy makes me happy although i am not sure what Elon Musk's role in it is and i swing dramatically between hating and loving him so he is back in my good books at the moment.