The phenomenon is already the subject of two separate Hollywood projects.īillionaire entrepreneur and Dallas Mavericks owner Mark Cuban popped up on Reddit’s WallStreetBets (WSB) chat room Tuesday for an “Ask Me Anything” session where he said the stocks were falling because “the source of demand has been crippled. AMC surged past $20 and GameStop gained 1,600% before popular online platforms like Robinhood restricted trading in the most volatile stocks. The price hikes were painful for big Wall investors with large short positions – meaning they had bet the stocks would fall, not rise. In what’s been called a populist revolution on Wall Street, retail traders (meaning individuals) gathered on Reddit chat rooms to spark a collective buying spree of AMC, GameStop and a handful of other stocks, mostly businesses under pressure. Robinhood Plans Super Bowl Ad In Bid To Repair Brand Damaged By Actions During GameStop-AMC Saga
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