The Wallstreetbets board calls its followers "degenerates." Members are told to keep the discussion to stocks and away from politics, and to only brag about actual trades, not ones they wished they'd made. Much of the discussion is about stocks -and it comes with plenty of attitude and tough talk. Like at other internet discussion boards, users typically go by an online handle rather than their real names.
Wallstreetbets is a fast-growing Reddit board with nearly 5 million followers, including at least 2 million new ones in the past 24 hours. The following is what we do know about Wallstreetbets, GameStop's astounding rise, its "short squeeze" of hedge funds that had bet against the company's shares, and whether "meme stocks" are the new dotcom bubble. But Wall Streeters, stock promoters and even CEOs have been known to talk up investments in internet discussion boards and other venues in decades past, so there is no way to know if this is actually a case of Main Street winning one over Wall Street. Some have called the clash over GameStop a classic fight between David and Goliath.
While GameStop shares have been a favorite of Wallstreetbets members, it's a money-losing company that has been closing stores amid years of slumping sales and been a target of hedge funds and so-called short-sellers who wager that the shares of particular companies will fall. But that's still up from the mere $14 a share GameStop had commanded in December. GameStop's stock price fell a bit closer to earth on Thursday, dropping by about a third, or about $115, to $235. On Wednesday, the stock price of the troubled retailer of video games soared yet again, this time up more than $200, to surpass $350 a share. The drama sent GameStop shares up nearly 2,000% at one point in less than a month. In a separate press release, GameStop said it has hammered out a partnership with Sam Bankman-Fried’s crypto exchange FTX US, aiming to “introduce more GameStop customers to FTX’s community and its marketplaces for digital assets.Robinhood resumes limited trading of GameStop stocks 15:02Ī meteoric rise in the share price of GameStop has trained the eyes of stock market watchers on a fast-growing Reddit discussion board called Wallstreetbets, where it appears that 20-somethings armed with cheap and easy stock-trading apps like Robinhood, MooMoo and TradeStation are targeting stocks to soar and hedge funds for takedowns. GameStop long has been one of the most recognizable names among the so-called “meme stocks,” or those fueled by social media. In the six times the stock rose, it gained an average of 4%. See also: GameStop stock options priced for bigger than usual post-earnings moveĭespite the gains late Wednesday, investors would have reason to fear trading on Thursday: On the day after the previous 20 quarterly reports, the stock has fallen 14 times, by an average of 14.6%, according to an earlier MarketWatch analysis of FactSet data. That was the company’s sixth consecutive quarterly loss. Sales fell to $1.136 billion, compared with $1.183 billion a year ago.Īnalysts polled by FactSet expected the videogame retailer to report an adjusted loss of 42 cents a share on sales of $1.27 billion. Adjusted for one-time items, the company lost 35 cents a share.
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