On Wednesday, it was a normal day of going to class and doing other normal activities. For redditors on r/wallstreetbets, they were making huge gains overnight by investing in GameStop.
The subreddit was originally known for memes and other users posting their losses. There were big losses, but they are now making big gains and causing a stir on Wall Street. Big investors went on mainstream media to complain and whine about the events.
Retail traders are the heroes in this story. They were able to beat big investors in their own game. Some retail traders even said it is payback for the devastation of the 2008 financial crisis.
Retail traders were able to put GameStop’s stock back up when big investors were betting on its stocks to go down. Now, those investors are losing billions. Big investors started to fight back.
Big investors went on CNBC to demonize the retail traders. Robinhood, a stock trading and investing app, restricted retail traders from buying shares for GameStop causing a massive uproar on Twitter and Reddit.
The public is opening their eyes to the corruption and hypocrisy of Wall Street. Big investors can rig the game, but once the lay man is making gains, they get immediately shut down.
For some, this is not about the money. It is sending a message to Wall Street that they will also fight back and hold their ground. They will fight back against the corruption of Wall Street.
Some redditors in r/wallstreetbets were able to make thousands of dollars. One redditor announced that he was able to pay for his sister’s Lyme disease treatment. Another redditor is now able to pay for his dog’s surgery. Some redditors are donating their earnings and encouraging others to do the same.
It has been an eventful week for retail traders. They are still in the trenches buying more shares for GameStop. They are also buying shares in AMC Entertainment, Nokia and BlackBerry. This was something historical, but it may never happen again. Although, they are going to the moon.
Wall Street has met its new match: r/wallstreetbets
January 29, 2021