![]() ![]() Indeed, they seem to have the backing of Tesla chief executiveElon Musk – an avowed enemy of short sellers – whose tweet led to another 150 per cent increase in the GameStop share price on January 26. Users say they are buying GameStop shares to teach a lesson to aggressive short sellers, who they say are leveraging their financial clout to manipulate the market against small-time traders. For example, r/funny is a subreddit devoted to funny content, while r/news is a subreddit devoted to news articles. ![]() There are Subreddits for finance, sports, TV shows, and just about anything else you can think of. Reddits community, WallStreetBets, is still assisting in the rise of GameStops stock, which is currently sitting at 272 per share and even hit an all-time high last week. ![]() The forum of three million members is a hive for memes, in-jokes and its own lingo about "stonks". A subreddit is a specific forum on Reddit where users can submit posts about a particular topic. Reddit's r/Wallstreetbets is a forum for risk-seeking traders who bet big on stock market moves, with highly varying degrees of success. The lingo of the online traders of Reddit's WallStreetBets group, or WSB, which fueled a surge in GameStop Corp's stock, prompted even singer Dionne Warwick to ask on Twitter here, 'What are. What is r/Wallstreetbets and why is it doing this? Clover Health recently became another popular target, perhaps calling for a revising of the acronym to CLBANG. These are generally stocks that are heavily-shorted, considered underdogs, and appear to be prime targets for short squeezes. By Wednesday's closing bell, it traded at $347 a share. WallStreetBets has BANG stocks - BlackBerry, AMC, Nokia and GameStop. In April 2020, its share price was just $3.25. However, its fortunes – as measured by its share price – have turned in recent months. GameStop has more than 5,000 outlets across the US but has struggled in recent years, particularly since the pandemic began. On social media the episode is being portrayed as a battle between retail investor nerds and unscrupulous Wall Street institutions. This led to billion-dollar losses for hedge funds who bought GameStop shares in a bet they would fall again, a practice known as short selling. Shares of GameStop skyrocketed in the past week, climbing more than 359 per cent after Reddit users poured their money into the struggling company to keep its stock price artificially high. ![]()
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