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We Were All Cocky : AMC Investors Reflect on Their Bid to Take Stock to the Moon
Gene Maddaus, provided by
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For a brief moment, Aiden and his friends believed that they were investing gods.
Aiden is a 20-year-old business student at San Diego State University. In recent months he and his friends have been drawn to the Reddit group WallStreetBets, where users trade stock tips and brag about their “diamond hands.” They bought GameStop and AMC Entertainment, two ailing companies that the group predicted would take off in a short squeeze for the ages.
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As the stocks rocketed upwards, they liquidated other positions so they could put more into both of them. Then they celebrated by watching “The Wolf of Wall Street” together. Aiden, who asked not to use his full name, confidently predicted that his investment would shoot to $40,000.