Mike Murphy and Mitch Roschelle break down the GameStop controversy over ‘Maria Bartiromo’s Wall Street’
Defiant amateur investors on Reddit say they are not holding back their investments in GameStop – and have even pulled out billboards in Times Square and across the country to encourage the faithful to keep going.
“$ GME GO BRRR,” blew up a digital ad on the corner of 54th and Broadway in Manhattan. The ad ran for an hour on Friday and was a creation of digital billboard maker Matei Psatta.
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The rule refers to a popular internet meme that uses ‘Brrr’ to indicate the sound that a money printing machine makes. GME is the symbol for stocks on the NY Stock Exchange.
Investors on Reddit raised the price of GameStop – a dusty electronics retailer in malls to just $ 2.57 a share last year – to astronomical highs within days. From just under $ 40 a share on January 14, the stock soared to $ 483 a share. Although the price fluctuations were extremely volatile, the stock has comfortably spent more than $ 300 over the past five days.
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The “movement” was initially organized by those on the RedStit page WallStreetBets. The pirate investors have been shrinking markets all week, pushing up the price of Gamestop in an attempt to keep it at hedge fund short sellers who sat against the stock and planned to take advantage of its failure. Instead, prices rose as a result of apostate buyers, and some Wall Street institutions were brought to their knees.
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