GameStop stock explodes in value for all of one week

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With the buying of GameStop stock putting a hole in the wallets of Wall Street, the common people of the internet have siphoned what they have lost.

Jacob Reiter, Staff Writer

As of late the price of the stock of GameStop has reached astronomical proportions. GameStop has been on a decline as its original business model was buying and selling used games and consoles and most new titles being released are available for digital download, slowly putting GameStop out of business. As a result, many of those at Wall Street constantly “bet” against the success of GameStop since the company has not turned a profit in nearly five years. A group of people on the subreddit r/wallstreetbets saw this as an opportunity to not only mess with those at Wall Street, but as an opportunity to make money themselves. In a coordinated effort, the members of r/wallstreetbets bought as much GameStop stock as they could to increase its worth, causing those at Wall Street to lose large amounts of money from the company’s sudden rise. Once Wall Street caught on to what was happening, they began panicking and many of them started attacking the members of r/wallstreetbets on social media leading to the subreddit to be taken down. Even though the subreddit was gone, this only fueled the buying of stocks more as to further annoy those at Wall Street and get their point across that, in the words of Senator Sherrod Brown of Ohio “People on Wall Street only care about the rules when they’re the ones getting hurt.” Their plan went off without a hitch as the price of one unit of stock rose to nearly $600 from its starting point of $4. The members of r/wallstreetbets are not without blame either; while their message is being heard many of those who are investing into GameStop to “get rich quick” are losing many hundreds or even thousands of dollars because of the constant large fluctuations in price that seem to occur daily. This is in part due to the app Robinhood, which allows users to buy and sell stocks. Once the situation gained mainstream attention they prevented all users from buying or selling their stock in Gamestop, causing some to lose large sums of money and leading to several class-action lawsuits in the making. In this situation there seems to be no true right or wrong side, as the value of stocks continue to act unpredictably.