Jeff Sica of Circle Squared Alternative Investments on possible film deals for the GameStop stock van and Disney earnings.
In all the craziness of Sunday night’s Super Bowl, viewers in some of America’s biggest cities missed a Reddit ad.
The place lasted a total of five seconds, consisting of a simple message in honor of the ‘underdogs’ involved in the GameStop trade chase, which was apparently caught between a car ad and a video of horses.
AFTER GAMESTOP STOCK FRENZY, ‘VERY SMALL GOVERNMENT CAN DO TO REGULATE TRADE’: FORMER SECURE CHAIRMAN
“Wow, that actually worked,” reads the message from Reddit. “If you read it, it means our bet is bearing fruit.”
The company acknowledged that while it could not afford to buy a full Super Bowl ad, it was ‘inspired’ and decided to spend its entire marketing budget on the five-second airtime. According to Variety, a full 30-second Super Bowl ad cost about $ 5.5 million. Therefore, a five-second ad would cost about $ 915,000.
But the venue was not broadcast nationally, as major networks – especially for the Super Bowl – did not fractionalize the advertising inventory. It has been broadcast on several CBS stations, including WCBS in New York, KCBS in Los Angeles, WBBM in Chicago and KPIX in San Francisco.
“One thing we’ve learned from our communities over the past week is that underdogs can achieve anything if they come up with a common idea,” Reddit continued, referring to WallStreetBets on the platform’s speculative investment discussion forum. ‘Who knows, maybe that’s why financial textbooks should add a chapter on’ trends’. Maybe ur / SuperbOwl helps to teach the world about the majesty of owls. You may even pause this 5-second ad. Powerful things happen when people rush around for something they really care about. And there is a place for it. This is called Reddit. ‘
Roxy Young, chief marketing officer of Reddit, said in a statement to FOX Business that the Super Bowl ad came together within a few short days with the help of its agency partners at R / GA.
“I’m really proud of what we were able to achieve with just five seconds and think it holds the heart of Reddit beautifully in our unique and brilliantly absurd tone,” Young added.
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The ad comes after Reddit users teamed up last month to buy up the buying options of the struggling video game seller, which caused GameStop shares to rise to unprecedented levels and hurt the short sellers of the market. According to data provided by financial data firm Ortex to FOX Business, short sellers lost at least $ 19 billion on GameStop as of January 29th.
WallStreetBets then began targeting other heavily shorted stocks, including AMC Entertainment Holdings, Blackberry Limited, Bed Bath & Beyond, Express Inc and Nokia Corp.
The move caught the attention of Wall Street and Main Street and prompted investment platforms such as Robinhood to limit trading of the bonds. Robinhood’s decision sparked online outrage, which led to two lawsuits being filed against the company before the move was later rolled back.
Some legislators, such as Rep. Alexandria Ocasio Cortez, DN.Y., Senator Ted Cruz, R-Texas, and Senator Elizabeth Warren, D-Mass., All agreed that there should also be a congressional inquiry into Robinhood’s actions. Robinhood co-founder Vlad Tenev was reportedly asked to testify before the Financial Services Committee on Capitol Hill on Feb. 18 at 12:00 to address the recent volatility in the market.
Tenev earlier said in a Twitter thread that the investment app limits the shares because it has many financial requirements, including ‘SEC net capital liabilities and clearing deposits’, which fluctuate based on market volatility.
“These requirements exist to protect investors and the markets, and we take our responsibilities to comply with them seriously, including through the measures we have taken today,” he added. “To be clear, this decision was not taken at the behest of any marketer we are targeting or other market participants.”
His comments come amid reports that large hedge funds with ties to Robinhood, including Sequoia Capital and Citadel Securities, were involved in the decision to discontinue trading. Both companies denied involvement in the decision.
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In addition, the Minister of Finance, Janet Yellen, held a meeting with the heads of the Federal Reserve Board, the Federal Reserve Bank of New York, the Commodities Future Trading Commission and the Securities and Exchange Commission to determine whether further action ‘with relation to the market would be justified. volatility around GameStop. Both the SEC and New York Attorney General Leticia James also said they would conduct their own review of the case.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 59.95 | -3.13 | -4.96% |
GameStop shares fell more than 7% at the time of publication.