To this day, the AMC subreddit was a quiet corner of the internet where car owners built by the American Motor Corporation, the automaker dead since 1988 behind such hits as the Gremlin, seen above. New purchases, restoration projects, DIY tips, were your typical group of car enthusiasts. But today, the AMC subreddit was briefly overtaken by amateur investors and day-traders who hoped to find and share information about AMC Entertainment Holdings, the world’s largest cinema chain. We are as confused as you are.
The reason for the intrusion? Stock market speculators on the WallStreetBets subreddit. This subreddit made headlines this week after its collective actions sent the video game retailer GameStop’s stock price into the stratosphere in a complicated, sometimes bewildering effort to dominate a huge financial hedge fund. After their success in raising GameStop stock prices from around $ 20 in late 2020 to nearly $ 350 at the time of this writing, WallStreetBets members soon turned their eyes to AMC Entertainment Holdings, another low-profile stock. price that they thought was ready for a coordinated -raising value.
In an effort to spread the word and stimulate conversation, traders, somewhat logically, found the subreddit “AMC” and invaded, hoping to discuss stock trading ideas and tactics. What they didn’t realize is that they found the wrong group of AMC fans.
“THIS IS A CAR SUBJECT, NOT A STOCK MARKET SUBJECT,” says a post, written in frustration after several off-topic posts now deleted on the cinema network have clogged the once silent automotive community.
A subreddit AMC moderator later published a post of his own apologizing for the slow removal of posts unrelated to American Motors, citing its location in Germany as a reason for the delay (most WallStreetBets dealers operate in U.S. time zones).
As of now, it seems that the AMC subreddit has returned to normal, posting about cars instead of money maneuvers involving shares in a cinema chain. And so, our hopes for a revived Gremlin vanish again.
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