18:48 PST 2/7/2021
in
Ryan Parker
“Powerful things happen when you focus on things you really like,” said the message in part.
If the spectators blinked, they lost.
After the Super Bowl LV halftime show on Sunday, a five-second ad appeared on the air. Unable to read the entire message unless paused, it was easy to see that the ad was from the social media site Reddit, which has been in the headlines lately due to the GameStop and AMC drama.
“Wow, this really worked,” the message started. “One thing we learned from our communities last week is that underdogs can do almost anything when they come together around a common idea,” he said, clearly referring to stock market manipulation.
“Powerful things happen when you focus on the things that really matter. And there is a place for that. It’s called Reddit,” concluded the message.
More than a week ago, Reddit’s stock brokers rebounded around GameStop, bringing the stock to almost $ 500 each. In December, the stock was trading at around $ 10. Reddit traders did this to loosen their muscles against the hedge funds that shorted the shares, which meant they bet the stock price would fall.
The results were stocks soaring, turning at least one of Reddit’s investors into a multimillionaire, while drawing attention to the community of most day traders. The actions also made headlines across the country and even worked in the White House press room.
Since then, Reddit’s stock has plummeted back, closing Friday at $ 63.