What happened between Reddit and GameStop? An army of traders on the Reddit forum r/WallStreetBets helped drive a meteoric rise in GameStop’s stock price in recent days, forcing halts in trading and causing a major headache for the short sellers betting against it and banking on the stock falling.
An army of traders on the Reddit forum r/WallStreetBets helped drive a meteoric rise in GameStop’s stock price in recent days, forcing halts in trading and causing a major headache for the short sellers betting against it and banking on the stock falling.
What was the Reddit GameStop thing?
A wave of at-home traders found each other on the red-hot “wallstreetbets” Reddit chat room, whose members have ballooned to over 3 million. By motivating each other to keep piling into shares and call options, they coordinated a monstrous short squeeze in the brick-and-mortar video game retailer.
Is GME still shorted?
The current setup is bullish for GameStop stock investors looking for short squeeze potential. Although less intense than at the beginning of June, GME shares remain highly shorted. And borrow rates are high enough to squeeze short sellers on any spikes in buying volume.
How much does Reddit GameStop guy make?
Shortly after, one of his investments, Gamestop, skyrocketed. This happened after an army of traders on Reddit bought up the stock to raise the price of Gamestop. AJ Vanover, who made $35,000 a year, is now a millionaire, at least on paper.
What happened between Reddit and GameStop? – Related Questions
Who got rich off GameStop?
The chief beneficiary of the GameStop rise is Ryan Cohen, co-founder of Chewy, who owns 13% stake in GameStop. The other big GameStop winner is Donald Foss, the 76-year-old founder and former CEO of Credit Acceptance Corp., a subprime auto lender.
A Massachusetts man who goes by “Roaring Kitty” on social media helped fuel the frenzy around GameStop. His $53,000 investment in the company briefly reached $48 million in value. As a subscriber, you have 10 gift articles to give each month.
Who was the guy on Reddit GameStop?
Keith Gill
Other names
DeepFuckingValue Roaring Kitty
Alma mater
Stonehill College
Occupation
Financial analyst
Known for
Involvement in the GameStop short squeeze
How much did Keith Gill make from GameStop?
Gill has returned to obscurity: albeit much richer thanks to his GameStop positions that at one point reached $48 million in value. He no longer works in marketing at insurer MassMutual.
How much money did Redditors make on GameStop?
Reddit Traders Made GameStop a $10 Billion Company – The New York Times.
What did Redditors do to GameStop?
Thousands of amateur traders banded together and sent the share price of retailer GameStop soaring. It created a frenzy on Wall Street and drew the attention of the Securities and Exchange Commission. NPR’s Bobby Allyn introduces us to two people in this movement.
Was GameStop a gamma squeeze?
This, in turn, caused a gamma squeeze due to the large amount of call options bought and the short squeeze causing the price to go up drastically. This led to GameStop’s share price rising by over 1000%. Other companies that have seen gamma squeezes include Tesla, Tilray, and Beyond Meat.
Who started the GME short squeeze?
How did reddit cause the GME short squeeze? Reddit acted as the home base during the GameStop and AMC short squeezes. Since Keith Gill started to discuss his GameStop stock theory on Reddit, it was one of the first places on the internet where the potential of a short squeeze was seen.
