In a modern day David vs. Goliath story, some smart-aleck stock gamblers on Reddit discovered that one of Wall Street’s biggest hedge funds had vastly overreached on what they must have assumed was a largely overlooked stock: GameStop.
By the time Melvin Capital knew what hit them, Reddit users – and then the nation at large – began gobbling up what little stock there was left to be had. To save y’all a rather weighty stock market explanation, let’s just say that every time Melvin can’t buy a piece of GameStop stock, the price goes up, and Melvin is having a hard time keeping an onslaught of day traders from snatching up everything available. Soon, there’s a breaking point called a “short squeeze”, which could skyrocket the price of GameStop stock into the stratosphere.
Disclaimer: This is definitely not financial advice, just an explanation of what the Reddit community believes. (And, also, they love the stock).
The whole thing is getting painted with some heavy eat the rich vibes, which has brought awareness of the situation to every corner of the nation.
Do you think Cubans are fighting for healthcare or freedom from Communism?
This includes Time Square, where a massive billboard was spreading the gospel of the Reddit community.
And the Reddit army that fueled the frenzy is gloating over their stock gains with billboards and even plane banners, paid for by their investment cash.
The billboards show a unified support for the investors who have driven up the price of GameStop – which was at $2.57 at its lowest point last year – to over $483 a share.
“$GME GO BRRR” read a digital billboard in New York City, with brrr referring to the sound a money-printing machine makes.
The West Coast similarly joined in, with an airplane flying over Santa Monica reading “WE ARE ALL GAMESTOP WALLSTREETBETS.”
The images were soon being shared to social media.
— Market Rebellion (@MarketRebels) January 30, 2021
— Katherine Vallera (@katvalleratrvl) January 30, 2021
Wall Street is likely to have another wild week as the GameStop stock phenomenon continues to gain steam.
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