A Reddit page called WallStreetBets has shoved it up the ass of the Wall Street hedgefund suits who were short-selling the video game retailer GameStop’s stocks. The stock has seen an incredible 1,700 percent increase since the beginning of January. Today, the stock more than doubled. While the NASDAQ and DOW JONES tanked on Wednesday, GameStop saw a 135% increase.
“Reddit shut down the suits,” said America’s underground trading expert Dave Portnoy. “You can’t stop the internet. You can’t beat the internet.”
As the stock market Frenzy exploded, Discord shut down WallStreetBet’s Discord server. During the pandemic the gaming industry has done well as people are home playing video games as home indoor recreation is the last remaining form of entertainment it seems these days. GameStop closed at $342 today, but dropped to $292 in off-hours trading. By driving up the price, small investors stand to make a ton of money, while the Wall Street suits that tried to short the stocks are going to lose big. Today, David literally beat Goliath.
(Im not a financial adviser. Don’t listen to me) pic.twitter.com/oYrsPOz8Vx
— Dave Portnoy (@stoolpresidente) January 28, 2021
Tonight as Wall Street fat cats try to drive the stock prices down, users on WallStreetBets are telling retail investors to hold their ground and to not fall to the scare tactics being used in off-hours trading.
We’re not experts by any means in the stock market, but this unfolding story is exceptionally epic.