Mike Murphy and Mitch Roschelle analyze the controversial GameStop in ‘Maria Bartiromo’s Wall Street’
Challenging amateur investors on Reddit say they are not backing down on their GameStop investments – and have even taken out billboards in Times Square and across the country asking the faithful to stay on the line.
“$ GME GO BRRR” shouted a digital ad on the corner of 54th and Broadway in Manhattan. The ad ran for an hour on Friday and was created by digital billboard maker Matei Psatta.
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The line refers to a popular Internet meme that uses “Brrr” to represent the sound of a money printing machine. GME is the symbol of the shares on the NY Stock Exchange.
Reddit investors raised the price of GameStop – a dusty electronics store that was only worth $ 2.57 per share last year – to astronomical highs in just a few days. From just under $ 40 per share on Jan. 14, the stock soared to $ 483 per share. Although price swings have been extremely volatile, the stock has spent much of the past five days comfortably above $ 300.
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The “movement” was initially organized by those on Reddit’s WallStreetBets page. Pirate investors have convulsed the markets all week, inflating Gamestop’s price in an effort to apply it to short sellers of hedge funds who bet against the stock and planned to profit from its failure. Instead, prices skyrocketed because of renegade buyers, and some Wall Street institutions went to their knees.
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