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’, blows 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.
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.
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.
“For the first time, it is almost as if God has given us a reason to work together to fight corruption and stand up for what is clearly right. ‘I have never experienced such unity, no matter where you belong in the political spectrum, everyone is united in what needs to be done,’ one of the Reddit users posted, using almost biblical terms.
The move led to potentially billions in losses for the Wall Street barons, one of whom – Melvin Capital – demanded a $ 2 billion bailout from hedge fund boss and Mets owner Steve Cohen.
An attempt by the Robin Hood app to prevent GameStop purchases during the frenzy has now led to a class action lawsuit against the company. Populist politicians on both sides of the aisle also came into play.
“It’s unacceptable. We now need to know more about @ RobinhoodApp’s decision to prevent retail investors from buying shares, while hedge funds are freely able to trade the shares as they see fit, “Queens Rep. Alexandria Ocasio-Cortez said. said in a tweet. “As a member of the Financial Services Cmte, I support a trial if necessary.”
Texas GOP Senator Tex Cruz added that he “Fully agreed.”
Psatta, 29, who is also active on Reddit, told The Post that the Times Square billboard only cost him $ 18, as it was only an hour-long purchase from his own company.
“Did it just to support the movement and make some people smile,” he said. “I’m considering offering another, but would like to see the sentiment on Monday.”
In conservative Oklahoma, another digital ad along a lonely highway was spotted: ‘We are not leaving! GME, ”reads the message, along with a string of emojis.
A photo of the billboard taken by Oklahoman Tess Jenkins finally found its way to the WallStreetBets subreddit page, which originally started the frenzy.
“We drove there and took the photo,” Jenkins, 34, told The Post, adding that she and her husband saw another post across the billboard Friday night and drove to look for it.
“I think it’s great. I think more power to the people. I’m excited. I am very glad this is happening. This last year has been pretty crazy. I enjoyed it. My husband danced, ”she said.