GameStop story: Amateur traders take down Wallstreet
The GameStop story that has got everyone excited with its David and Goliath undertones needs a telling.
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GameStop is a US-based retail chain store selling video games CDs, consoles, and other related electronics. With the gaming world becoming more tech-savvy and moving totally online, gamesters included, GameStop was not exactly thriving. Added to that was the Pandemic that shut down most cities for almost a year, and we have a retail brand in trouble.
In come the shining knights in armor—the metaphorical ones that operate on Reddit. In this case, subreddit peopled by almost 4 million that call themselves Wallstreetbets. Here everything to do with investments, stocks, trading, hedging is discussed, recommended and discarded.