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Investors on Reddit have launched an attack that’s both trolling and serious on Wall Street firms by


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Investors on Reddit have launched an attack that’s both trolling and serious on Wall Street firms by purchasing shares in GameStop, pushing the stock price up over 480% in a week, costing hedge funds millions of dollars, and skyrocketing young investors’ portfolios and egos.

 

Popular subreddit r/WallStreetBets (WSB), whose tagline is “Like 4chan found a Bloomberg Terminal,” has over 2 million members reading and posting “stonks” tips and news. Its biggest obsession in recent weeks has been raising the stock price of GameStop, the old-school video game mall retailer.

 

“They’re digitally doing it in a coordinated attack,” Howard Lindzon at Social Leverage, an early stage seed investment fund, told BuzzFeed News.

 

Lindzon thinks the investors chatting across Reddit — who tend to be millennial and Gen Z men — are just having a fun time causing trouble for hedge funds who’d bet on shares in the gaming retailer dropping. “They’re just playing a game,” he said. “And they’re having a blast.”

Source: https://www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares

 

On reddit they're saying they want to push it to $1000. This is super interesting to watch play out. 

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This is all over the news today. Stock trades are being halted. Pretty nuts. 

Here is some extra background info:

This is from yesterday

 

Then this is recent today:

 

GameStop stocks: US hedge fund pulls out after heavy losses (msn.com)

 

How GameStop’s Surge Caused the Stock Market to Drop | Barron's

 

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Damn, if I knew how to, I'd short it once it hit that $1000 hahaha.

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