The frenzy over GameStop has gotten the attention of other lawmakers and regulators. Market can rationalize just about anything and build it into a narrative," The Wall Street Journal's Jon Sindreu wrote. "The danger, as the dot-com bubble showed, is that Mr. With the stock market near all-time highs, there had already been worries that a bubble was coming. climbed at least 6.9% in Tokyo on Thursday."īusiness He Thought Day Trading Would Be A Thrill. "In Europe, short-seller favorites including Unibail-Rodamco-Westfield jumped 20% or more. The mania has gone global, "whipsawing stocks from Amsterdam to Sydney," Bloomberg reported. It later said it planned to allow " limited buys" of these securities, starting Friday. Robinhood, a popular trading platform for young traders, announced Thursday that "in light of recent volatility" it was restricting transactions for certain securities, including GameStop and AMC, and raising margin requirements. The companies include AMC Entertainment, the beleaguered theater chain, which shot up more than 300% on Wednesday (before dropping 56% Thursday), and American Airlines, which soared more than 30% Thursday morning (it closed up 9%). Other companies that are suffering heavily during the pandemic are seeing their shares soar as people on Reddit's wallstreetbets talk them up. "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino," the lawmaker tweeted Thursday.Īnd it hasn't stopped with GameStop. Alexandria Ocasio-Cortez, D-N.Y., a member of the House Financial Services Committee, weighed in on the GameStop phenomenon. Call it an opportunity, call it revenge, or justice, I know we are on the right side of this." For all the times they got bailed out with our tax money while we got nothing."Īnother member suggested that the Reddit traders were part of a resistance movement of sorts, writing, "his is not a war on billionaires, the wealthy yada yada, but it may well be described as a resistance against injustice, inequality, rigged rules, uneven playing field etc which has been rampant on Wall Street forever."īusiness Electric Burn: Those Who Bet Against Elon Musk And Tesla Are Paying A Big PriceĪ wallstreetbets member, who vowed not to sell GameStop, wrote late Wednesday: "I am proud to be a part of this piece of history with you. For all the retail traders they left holding the bag. For all the people that can't pay for college because minimum wage has stagnated while wall street gets rich. For all the jobs and homes people have lost. On Reddit, one member of wallstreetbets, wrote early Thursday: "GME is about sending a message. You know, they just want to poke a middle finger at Wall Street," says Paddy Hirsch of NPR's The Indicator From Planet Money podcast. "There's also kind of a populist thing happening here with a lot of these traders, judging by the Reddit threads. The Coronavirus Crisis Millions Turn To Stock Trading During Pandemic, But Some See Trouble For The Youngįor those Reddit members, all this isn't just about making money. 16 letter from Cohen to the GameStop board he would later join. The stock got its big kick when Reddit's r/wallstreetbets community - now with more than 4 million members - fawned over a Nov. 13, two days after the announcement about Cohen joining the board, GameStop stock jumped 57% - from $19.95 per share to $31.40. The new members include Ryan Cohen, a founder of Chewy, an online pet products company worth $42 billion. The company also said it had entered an agreement with RC Ventures, one of its largest stockholders, to add three members to GameStop's board of directors. It said those online sales represented about a third of the company's total sales. 11, GameStop announced that its sales overall fell 3.1% during the holidays, due in part to the "significant impacts" of the pandemic, but its e-commerce sales soared more than 300%.
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