Items tagged with wallstreetbets
Earlier this year, amateur investors over at the WallStreetBets subreddit drove GameStop stock to the moon, peaking around $350 in January this year from the prior $20. This led investment firms who bet against GameStop to lose quite a bit of money which subsequently had its own rippling effects. Now, one of these hedge funds that took a hit during the meme stock rally is shutting its doors. According to sources familiar with the situation who spoke to the Financial Times, White Square Capital, explained to its investors that it would be closing its main fund and returning capital this month after a business model review. This comes after the company, run by former Paulson & Co trader Florian...
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Yesterday into today, GameStop stock soared up 163% to around $150 a share. This massive movement harkens back to the extreme GameStop stock increase we saw earlier this year, and it seems the Redditors with diamond hands at /r/WallStreetBets are at it again. In late January, Reddit users over at /r/WallStreetBets banded together to try and squeeze investors who had decided to short sell GameStop stock. What happened next was an amazing saga that led GameStop to rocket to around $350 a share and then fall back again. Furthermore, chaos ensued on the /r/WallStreetBets subreddit and Discord server with rumors of movie deals and moderation team coups. Now, could this roller coaster be happening...
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It has been a wild few weeks on Wall Street after the so-called "degenerates" over at the WallStreetBets subreddit decided to go all-in and prop up faltering gaming retailer GameStop. The company has been down on its luck, posting $267 million in losses through the first nine months of [fiscal] 2020. However, WallStreetBets looked to crush Wall Street hedge funds that shorted GameStop shares (NYSE: GME) in a sort of high-stakes revenge plot. GME shares were trading at around $19 a share at the start of the year, and then peaked at $347 on January 27th when WallStreetBets' had its strongest influence over the market. Not surprisingly, many people have been intrigued by WallStreetBets...
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If you looked away for a split second, you might have missed it, but Reddit ran its first Super Bowl (or "Superb Owl") advertisement yesterday. Within a flash, a text box that looked something like a Reddit post appeared. During the short five-second timeframe, the ad hailed the /r/WallStreetBets escapades and explained what Reddit is to the millions of watchers. The advertisement shared on social media opened with a stereotypical running herd of horses video with a narrator talking, but it quickly “glitched out” and went to a panel that looks like a Reddit post with an orange background. The first lines read, “Wow, this actually worked. If you’re reading this, it means...
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The events on the /r/WallStreetBets subreddit that occurred over the past few weeks were nothing short of chaos, degeneracy, and, in the purest definition of the word, awesome to watch unfold. What transpired culminated in the subreddit achieving mainstream media recognition with its community growing exponentially. Besides seeing stocks as dollar signs, some people saw the subreddit as an opportunity for more fame and fortune in the form of a movie deal. This ultimately led to a coup among WSB moderators, which led to Reddit stepping in to put these allegedly unruly moderators in their place. It seems the trouble began to break out roughly two or three days ago after former /r/WallStreetBets...
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A little over a week after Robinhood first began limiting trading for shares of GameStop (NYSE: GME), the company has now reversed its decision. Robinhood's initial move drew considerable backlash from the very same everyday investors that it claimed to support, and has even drawn negative attention from lawmakers and the SEC. Robinhood attempted to soften its image with the public by releasing its first-ever Super Bowl commercial early, but the reaction was hypercritical for its tone-deafness (it didn't even address the GME controversy). Now, Robinhood has finally lifted its GME trade restrictions, but the move only comes after shares of the game retailer have crashed...
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Given the dramatic rise in share prices for so-called "meme stocks" like GameStop (NYSE: GME) and AMC Theaters (NYSE: AMC), there has been a flurry of activity from an influx of everyday traders. Spearheaded by the so-called "degenerates" from the WallStreetBets subreddit, GME has soared over 1,000 percent in value as hedge funds shorting the stock have in turn lost billions. One company that has been caught up in this rollercoaster ride has been Robinhood, which came under fire from all sides (WallStreetBets, lawmakers, everyday traders, etc.) when it restricted the purchase of a number of meme stocks like GameStop, AMC, BlackBerry, Bed Bath And Beyond, and Nokia. "Amid significant...
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In the last week, the GameStop fiasco has expanded to several other stocks and now cryptocurrencies. The whole event is becoming something of a meme, which has angered some people higher up the chain. Some companies, such as the now-infamous Robinhood, began to lock down what stocks and cryptocurrencies investors could buy, much to the ire of the internet and WallStreetBets. As Robinhood has fallen from grace, consumers are now looking for new platforms to buy stocks and cryptocurrency, and we have compiled some options to help you along. Buy Dogecoin And Other Cryptocurrencies Binance And Binance.US We list Binance and Binance.US first because it seems to be one of the most fully-featured cryptocurrency-buying...
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Last week was a crazy one for seemingly down and out companies that have been severely impacted by the COVID-19 pandemic. We're of course talking about GameStop, and to a lesser extent companies like AMC Theaters and BlackBerry. It's a long story, and we highly suggest that you catch-up on our previous coverage, if you're new to all Wall Street the drama. However, the Cliff's Notes version is that Wall Street hedge funds have been shorting GME shares for the long haul, hoping for the eventual demise of the company so that they can rake in billions in profit. Reddit community WallStreetBets, however, has decided to "stick it to the man" by rallying around shares of GME, which...
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As the WallStreetBets fiasco heated up yesterday, Robinhood and other companies were restricting free trade of GameStop and AMC stocks under the guise of “helping users.” Since then, people have been outraged, enough so to initiate class-action lawsuits against the stock-trading app. Individual users are also now taking to leaving poor reviews on Robinhood’s app store pages due to the issues, but it appears that Google is stopping those. 9to5Google reported that since restricting the stocks targeted by WallStreetBets, the Robinhood Android app was inundated with over 100,000 negative reviews, which brought the review average to 1 star. Previously, the app sat around four stars,...
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Earlier today, we reported that Robinhood and TD Ameritrade were restricting trading for a rash of stocks including GameStop and AMC. At the time, Robinhood said that it was making the decision to help its users stay informed in its efforts to democratize access to financial institutions. "We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG," said Robinhood this morning. "We also raised margin requirements for certain securities." Now, the company is facing a couple...
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Yesterday, we reported on the subreddit /r/WallStreetBets that was effectively gaming the stock market and driving shares of GameStop stock to the moon. Today, it seems as though the crazy train just is not ending. The crowdsourced stock-mob has now driven (NYSE:GME) up approximately 129%, to around $350, at the time of publication. Who is behind the madness, and what is to come in the following days? The answer to the first part of the question is easy, the people behind the wildly growing reddit community, /r/WallStreetBets. They are a group of individual investors self-described as “degenerates,” but are now a crowdsourced stock-mob. Since the GME stock took off, Wall...
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While many gamers have been racking their brains trying to figure out what's going on with PlayStation 5 and Xbox Series X inventory, and how to get their hands on one of the consoles, a Wall Street firestorm has been brewing at GameStop. You know GameStop, the staple of [dying] malls and strip malls across America where you can buy new and used games/consoles, or even trade-in your old games and hardware for store credit. GameStop shares (GME) have been on a rollercoaster ride since the start of 2021, and even before then, the seeds of GameStop's remarkable run were planted during the latter half of 2020. In late July, GME was trading at around $4/share and slowly started creeping up as...
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