The short squeeze in GameStop attracted worldwide attention and resulted in congressional hearings. The increase in GameStop stock from an opening price of $21 on January 26 to an interday high of $483 on January 28 was not the result of obvious fundamental earnings prospects. Buying pressure from investors on a social media site accompanied by short covering, resulted in the stratospheric ascent of stock price. We use put–call parity to investigate the related issue of the no-arbitrage violations before, during, and after the squeeze. We do not find evidence of abundant free money after accounting for short selling frictions.