Challenging Reddit amateur investors say they are not backing down on their investments in GameStop, and that they even pulled out billboards in Times Square and across the country and urged loyalists to continue to hold the line.
“$ GME GO BRRR,” sounded a digital ad on the 54th corner with Broadway in Manhattan. The announcement ran for an hour on Friday and was a creation of digital billboard maker Matei Psatta.
The line refers to a popular internet meme that uses “Brrr” to signify the sound emitted by a money printing machine. GME is the stock market symbol on the New York Stock Exchange.
Reddit investors have raised the price of GameStop, a dusty mall electronics distributor that was only worth $ 2.57 per share at any given time, to astronomical highs in just a few days. Starting at just under $ 40 per share on Jan. 14, shares skyrocketed to $ 483 per share. While price changes have been extremely volatile, stocks have spent much of the past five days comfortably above $ 300.
The “movement” was initially organized by those on the RedSit page WallStreetBets. Pirate investors convulsed the markets all week and raised the price of Gamestop in an effort to keep it short of hedge fund sellers who bet on the shares and planned to benefit from its failure. Instead, prices rose because of renegade shoppers and some Wall Street institutions got on their knees.
“For the first time, it is almost as if God gave us a reason to unite to fight corruption and defend what is clearly right. I had never experienced such unity, no matter where you belong on the political spectrum, everyone is unified in what needs to be done, ”a Reddit user posted, in almost biblical terms.
The move has resulted in billions in losses for Wall Street barons, one of whom, Melvin Capital, demanded a $ 2 billion ransom from Mets hedge fund owner and owner Steve Cohen.
An effort to negotiate the Robin Hood app to avoid GameStop purchases during the huge frenzy has led to a class action lawsuit against the company. Populist politicians on both sides of the aisle have also entered the act.
“It simply came to our notice then. We now need to know more about @ RobinhoodApp’s decision to block retail investors from buying shares so hedge funds can freely trade the shares they deem appropriate, ”Queens Representative Alexandria Ocasio-Cortez he said in a tweet. “As a member of the Financial Services Committee, I would support a hearing if necessary.”
Texas Government Sen. Tex Cruz, Tex Cruz, added that he “Totally agree”.
Psatta, 29, who is also active on Reddit, told The Post that his Times Square billboard cost him just $ 18, as it was only an hour’s purchase from his own company.
“He did it just to support the movement and make some people smile,” he said. “I’m thinking of running another one, but I want to see what the feeling is like on Monday.”
In conservative Oklahoma, another digital ad was seen along a lonely road: “Let’s not go! GME, ”read the message, alongside a series of emojis.
A photo of the billboard taken by Oklahoman Tess Jenkins found its way to the WallStreetBets subreddit page, which originally started the frenzy.
“We passed by and took the picture,” Jenkins, 34, told The Post, saying she and her husband had seen another post on the billboard Friday night and had gone out to look for a car. to look for her.
“It simply came to our notice then. I think it has more power for people. I’m excited. I am very happy that this is happening. This last year has been a little crazy. I like it. My husband has been dancing, ”she said.