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Mike Murphy and Mitch Roschelle break down GameStop controversy over ‘Maria Bartiromo’s Wall Street’
Rebel amateur investors on Reddit say they’re not giving up their investments in GameStop – and have even pulled out billboards in Times Square and across the country, urging devotees to continue to hold the line.
“$ GME GO BRRR,” launched a digital ad on the corner of 54th and Broadway in Manhattan. The ad ran for an hour on Friday and was a creation of digital signage maker Matei Psatta.
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The line refers to a popular internet meme that uses “Brrr” to mean the sound produced by a money printing machine. GME is the stock ticker on the New York Stock Exchange.
Investors on Reddit pushed the price of GameStop – a dusty electronics retailer in a mall worth just $ 2.57 a share at one point last year – to astronomical highs in a matter of days. Valued at just under $ 40 a share on Jan. 14, the stock has soared to $ 483 a share. While the price movement has been extremely volatile, the stock has spent much of the past five days comfortably above $ 300.
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The “movement” was originally organized by those on the Reddit page WallStreetBets. Pirate investors rocked the markets all week, pushing Gamestop’s price higher in an attempt to stick it to hedge fund short sellers who bet against the stock and plan to profit from its failure. Instead, prices rose because of renegade buyers, and some Wall Street institutions were brought to their knees.
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