GameStop-Robinhood revolution: Stock frenzy echoes anti-establishment anger behind Trump s rise, analysts say Michael Collins, Jessica Guynn and Sarah Elbeshbishi, USA TODAY
GameStop-Robinhood stock revolution: Not a secure retirement plan
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Then look at what’s happening on Wall Street.
Small investors banding together on social media are taking on big investment firms by running up the stock price of GameStop, a struggling video game retailer whose shares were trading at around $4 at the start of the coronavirus pandemic. By Thursday, the stock price had surged to more than $480 a share before leveling off and closing at $193.
“We are witnessing the French Revolution of Finance,” declared Anthony Scaramucci, a financier who famously served as President Donald Trump’s White House communications director for 11 days in 2017.
Everyday Americans take a stand against Wall Street elite through online forums
Everyday Americans taking a stand against Wall Street elite By Tristan Ruppert | January 30, 2021 at 6:46 AM CST - Updated January 30 at 6:46 AM
BILOXI, Miss. (WLOX) - A battle between the big wigs on Wall Street and your neighbor is unfolding right now. The free market is the arena, and Wall Street is bleeding.
Several hedge funds and professional money managers were shorting GameStop stock, pretty much betting that the company would fail. Now, why have those shorting efforts failed?
Well, the movement began in one of the unlikeliest of places, online in a Reddit forum known as “Wall Street Bets,” where investors encouraged one another to buy loads of GameStop stock, forcing hedge funds who bet against the stock to purchase their stock back before they take on a greater loss.
GameStop millionaire u/DeepFuckingValue
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Wall Street Bets members are mostly retail investors, non-professional individual investors who aren t part of financial firms like hedge funds, private equity firms, or investment banks.
As Insider s Ben Winck reported: Reddit s structure and the democratic nature of users picking the most popular content differs wildly from Wall Street s research reports and market analysis.
By hyping up stocks and mobilizing the masses to get in on the action, these day traders boosted stocks to the surprise of many Wall Street firms.
The Redditor credited with helping light the match under GameStop claimed he turned $54,000 into $48 million.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Wall Street Bets users have driven up the GameStop stock price. REUTERS/Dado Ruvic/Illustration/File Photo
Reddit day traders rebelled against Wall Street short sellers, sending GameStop and other stocks soaring.
It s far from over, but here are the winners and losers after a wild week in the markets.
A Reddit community called r/WallStreetBets sent real-life Wall Street into a frenzy this week by taking on short sellers â investors who bet on companies doing worse, not better, in the future.