So, this is the story — some trolls on Reddit and extra particularly r/wallstreetbets had a mission: destroy GameStop brief sellers and to screw them in the help of retail traders.
The popular r/wallstreetbets subreddit was spun into movement, with the group described as “like 4chan discovered a Bloomberg terminal” and oh boy, they went to city this time. The r/wallstreetbets posters have achieved one thing fairly insane, with GameStop inventory hitting $2 in March 2020 and $17 by December 2020 — on the time of writing it was at $147.98.
The subreddit was based by Jaime Rogozinski however he stepped away from it in 2020, Rogozinski stated that r/wallstreetbets treats inventory buying and selling like a online game. He stated: “Stage up with choices buying and selling … Select your personal enterprise“.
Rogozinski explains: “It actually began as a meme. That is how WallStreetBets operates. [WallStreetBets] get a inventory, they’ve enjoyable with it, they make humorous footage and movies and songs or no matter. GameStop began as a meme, however they pushed it to a unique stage. They’re not commenting on the story. They’re desirous to turn out to be the story and have very successfully performed that“.
Some of the standard posts within the r/wallstreetbets subreddit reads: “GME!!! THIS IS PROOF OF OUR STRATEGY. BUY SHARES. BLEED THE SHORTS. FUCK THE INSTITUTIONS. HOLD THE LINE“.
Tesla Motors and SpaceX founder and CEO Elon Musk received in on the GameStop inventory insanity.
Chamath Palihapitiya, early senior government at Fb, the founder and CEO of Social Capitol, and the Chairman of the Board of Virgin Galactic additionally tweeted: