Reddit users say GameStop rocket is revenge of the masses
For some Reddit users, GameStop’s dizzying rocket ride on Wall Street is a case of the masses rebelling against one-percenters hoarding the world’s wealth.
(MMO) – The social media-fueled movement has sent shares in the US video game retail chain soaring from less than $20 weeks ago to a peak of $492 on Thursday, dearly costing hedge funds that bet GameStop stock would tank.
GameStop shares ended the formal trading day down some 44 percent as some cashed out. But they lifted off anew after-hours, after Tesla chief Elon Musk seemingly urged individual investors to punish hedge funds for short selling, tweeting “Get Shorty.”
A Reddit group — or “sub-reddit” — called WallStreetBets that boasts some 4.7 million members has been an online rallying spot for those urging people to buy and hold GameStop shares, punishing short sellers by sending prices soaring.
“We constantly see the 1 percent make trillions a year, even through the pandemic… versus the millions of Americans who had to file for unemployment,” Reddit user Responsible-Height77 told AFP via the forum.
“I think it’s time to show that the masses have a say and that our voice matters.”
