Reddit Investors Who Played GameStop Are Now Upvoting Silver February 7, 2021
Those of you with kids and grandkids may at some point have stepped inside a GameStop. If so, you might be familiar with the video game retailer’s tagline: “Power to the players.”
The same slogan could just as easily be the rallying cry for the millions of millennial and Gen Z Reddit-users who took to Robinhood last week to drive up the share price of the beloved yet struggling GameStop.
(Fun fact: Ross Perot was one of the earliest seed investors in GameStop’s predecessor, Babbage’s, which first opened its doors in Dallas, Texas, in 1984.)
This Is A Fun And Maddening Game
The first draft of lâhistoire de lâaffaire GameStop and it is, uh, muddled.
Author:
The first draft of lâhistoire de lâaffaire GameStop and it is, uh, muddled.
An 11-year-old boy in Dallas is making money based on stock tips he’s getting through TikTok. Others, too:
A real estate salesman in Valparaiso, Ind. A former line cook from the Bronx. An evangelical pastor and his wife in Huntington Beach, Calif. A high school student in the Milwaukee suburbs.
Meanwhile, “Wall Street is losing its mind” and Steve Cohen is losing a whole lot of money and a whole slew of other seeming hopeless companies are seeing their share prices rocket hundreds of percent. At this point in the Great GameStop Game after it looked briefly like the professionals had taken back control, only to see r/WallStreetBets’ degenerates retake the offensive it seems fair to ask, “What the hell is going on?” And everyone is.