Challenged amateur investors on Reddit say they are not giving up their GameStop investments – and have even put up billboards in Times Square and across the country, urging believers to keep up the line.
“$ GME GO BRRR” blew a digital ad on 54th and Broadway in Manhattan. The announcement aired for an hour on Friday and was a creation of digital panel maker Matei Psatta.
The line refers to a popular meme on the Internet that uses “Brrr” to signify the sound produced by a money printing machine. GME is the stock market symbol of the NY stock exchange.
Reddit investors have pushed the price of GameStop – an electronics dust retailer worth just $ 2.57 a share at one point last year – to astronomical highs in just a few days. From just under $ 40 per share on January 14, the stock rose to $ 483 per share. Although price fluctuations have been extremely volatile, the stock has spent much of the last five days comfortably over $ 300.
The “movement” was originally organized by those on the Reddit WallStreetBets page. Pirated investors have been convulsing markets all week, raising the price of Gamestop in an effort to keep it short of short hedge fund sellers who have bet against the stock and planned to take advantage of its failure. Instead, prices rose because of renegade shoppers, and some Wall Street institutions were on their knees.
“For the first time, it is almost as if God has given us a reason for all of us to unite to fight corruption and uphold what is clearly right. I have never experienced such a unity, no matter where you belong in the political spectrum, everyone is united in what needs to be done “, posted a Reddit user, using almost biblical terms.
The move has resulted in potential billions in losses for Wall Street barons, one of whom – Melvin Capital – has sought $ 2 billion in help from the head of the hedging fund and Mets owner Steve Cohen.
An effort to trade the Robin Hood app to prevent GameStop acquisitions during the peak of the frenzy has now led to a class action lawsuit against the company. Populist politicians on both sides of the aisle also took action.
“It’s unacceptable. Now we need to learn more about @ RobinhoodApp’s decision to block retail investors from buying shares, while hedge funds are able to freely trade shares as they see fit,” Queens representative Alexandria Ocasio said. -Cortez he said in a tweet. “As a member of the Financial Services Committee, I would hold a hearing if necessary.”
GOP Senator Tex Cruz, Texas, added that he “Totally accepted.”
Psatta, 29, who is also active on Reddit, told The Post that his Times Square billboard cost him only $ 18 because it was only an hour’s purchase from his own company.
“He did it simply to support the movement and make some people smile,” he said. “I’m thinking of driving another one, but I want to see what Monday’s feeling is like.”
In conservative Oklahoma, another digital ad was seen along a lonely highway: “We’re not leaving! GME “, read the message, along with a series of emojis.
A photo of the billboard taken by Oklahoman Tess Jenkins found its way to the WallStreetBets subreddit page, which initially started the frenzy.
“I drove by and took the picture,” the 34-year-old Jenkins told The Post, saying she and her husband had seen another post about the billboard on Friday night and went out to look for it.
“I think it’s great. I think more power for people. I’m looking forward to it. I’m very happy that this is happening. This year has been kind of crazy. I liked it. My husband danced,” she said.