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.
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.
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.
“For the first time, it is almost as if God has given a reason for all of us to come together to fight corruption and defend what is clearly right. I’ve never experienced a unit like this before, regardless of where you belong on the political spectrum, everyone is united in what needs to be done, ”posted a Reddit user, using almost biblical terms.
The move resulted in potential billions of losses for the Wall Street barons, one of which – Melvin Capital – demanded a $ 2 billion bailout from the head of the hedge fund and Mets owner Steve Cohen.
An effort by the Robin Hood trading app to avoid GameStop purchases during the height of the frenzy has now resulted in collective action against the company. Populist politicians on both sides of the corridor also took action.
“This is unacceptable. Now we need to know more about @RobinhoodApp’s decision to prevent retail investors from buying shares while hedge funds can freely trade the shares as they see fit,” Queens Rep. Alexandria Ocasio-Cortez said in a tweet. “As a member of the Financial Services Committee, I would support an audience, if necessary.”
Texas GOP Senator Tex Cruz added that “Totally agree.”
Psatta, 29 – who is also active on Reddit – told the Post that his billboard in Times Square only cost $ 18, as it was just an hour to buy his own company.
“I did it just to support the movement and make some people smile,” he said. “I’m thinking of doing another one, but I want to see how it feels on Monday.”
In conservative Oklahoma, another digital ad was seen along a deserted road: “We are not leaving! GME ”, said the message, along with a series of emojis.
A photo of the billboard taken by Oklahoman Tess Jenkins ended up on the subreddit page of WallStreetBets, 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 on Friday night and went out to look for it.
“I think this is great. I find more power for people. I’m excited. I am very happy that this is happening. This past year has been kind of crazy. I liked it My husband is dancing, ”she said.