So I’d seen GameStop being thrown around as one of the stocks that they were talking about and holding for months. It is, in fact, one of my guilty pleasures on Reddit. And I think I have a different maybe perspective than most because I hang out on WallStreetBets. When and how did you learn that Redditors were driving up the stock? steve huffman The stock shot up 1,700% in January and really just basically screwed short sellers like Melvin Capital and billionaires like Steve Cohen. So obviously, subreddit WallStreetBets defines itself, “like 4chan found a Bloomberg terminal illness.” It’s a group of millions of users who have made front page news this week as they banded together and helped drive shares of the struggling video game retailer called GameStop. All right, so let’s talk about the news right now. And while Reddit is thought of as a community-run platform, there is a person at the top, CEO Steve Huffman. And that’s why Redditors wanted to keep GME high, to squeeze the big guy. Members of WallStreetBets noticed that several hedge funds were shorting the stock, meaning institutional investors were going to make huge profits when the stock price fell. Well beyond making money, which is really the point of investing, this was philosophical. And that’s how GameStop or GME became a quote, “meme stock,” a viral sensation. But unlike some investment groups, this one’s made it into what feels more like a raid on Fortress Wall Street, except with memes, jokes, and songs to rally the troops. Shares of the company have soared nearly 800% over the past week, driven by anonymous posts on the Reddit forum, WallStreetBets. Shares of the struggling video game store became the target of millions of non-professional retail investors on a Reddit forum. Whether you are in the stock market or not, you have probably heard in the last 24 hours about GameStop. And you’re listening to “Sway.” archived recording (SINGING) When you walk in the room, do you have sway? kara swisher About the GameStop Madness Steve Huffman on the subreddit causing chaos on Wall Street.

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