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Jeff Sica of Circle Squared Alternative Investments on possible movie treatments for the GameStop stock market frenzy and Disney profits.
In all the Sunday night Super Bowl craze, viewers in some of America’s biggest cities may have missed a Reddit commercial.
The spot lasted five seconds in total, consisting of a simple post honoring the “underdogs” involved in the GameStop trading frenzy last month, who appeared to be stuck between a car ad and a horse video.
AFTER GAMESTOP STOCK FRENZY, “ VERY LITTLE GOVERNMENT CAN DO TO REGULATE TRADE ”: FORMER SEC PRESIDENT
“Wow, that really worked,” the Reddit post read. “If you are reading this, it means our bet paid off.”
The company recognized that while it couldn’t afford to buy a full Super Bowl commercial, it was “inspired” and decided to devote its entire marketing budget to the five seconds of airtime. According to Variety, a full 30-second Super Bowl commercial costs around $ 5.5 million. Therefore, a five-second ad would cost approximately $ 915,000.
But the spot didn’t air nationally because major networks – especially for the Super Bowl – don’t split ad inventory. This aired on several CBS-owned stations, including WCBS in New York, KCBS in Los Angles, WBBM in Chicago, and KPIX in San Francisco.
“One thing we learned from our communities last week is that underdogs can accomplish anything when they come together around a common idea,” Reddit continued, referring to the speculative investing discussion board. WallStreetBets platform. “Who knows, you might be the reason why finance textbooks need to add a chapter on ‘trends’. Maybe you’ll help r / SuperbOwl teach the world about the majesty of owls. Maybe you might even pause that 5-second ad. Powerful things happen when people come together around something they really care about. And there’s a place for that. It’s called Reddit. “
Reddit chief marketing officer Roxy Young told FOX Business in a statement that the Super Bowl commercial came together in “just days” with the help of her agency partners at R / GA.
“I’m really proud of what we were able to achieve in just five seconds and I think it captures the heart of Reddit beautifully in our unique and brilliantly absurd tone,” Young added.
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The ad comes after Reddit users banded together last month to buy options to buy from the ailing video game retailer, which took GameStop stock to unprecedented levels and hurt sellers at discovered from the market. According to data provided to FOX Business by financial data firm Ortex, short sellers have lost at least $ 19 billion on GameStop stock as of January 29.
WallStreetBets then started targeting other heavily sold stocks including AMC Entertainment Holdings, Blackberry Limited, Bed Bath & Beyond, Express Inc and Nokia Corp, among others.
The move caught the attention of Wall Street and Main Street and prompted investment platforms like Robinhood to restrict trading in the securities. Robinhood’s decision sparked anger online, prompting two lawsuits to be filed against the company before the move was later called off.
However, some lawmakers, like Rep. Alexandria Ocasio Cortez, DN.Y., Senator Ted Cruz, R-Texas, and Senator Elizabeth Warren, D-Mass., All agreed that there should also be a congressional inquiry into Robinhood’s action. Robinhood co-founder Vlad Tenev was reportedly invited to testify on Capitol Hill before the House Financial Services Committee on February 18 at 12 p.m. ET to deal with recent market volatility.
Tenev previously said in a Twitter thread that the investment app restricts stocks because it has many financial requirements, including “SEC net capital obligations and clearing house deposits,” which fluctuate in depending on market volatility.
“These requirements exist to protect investors and the markets and we take our responsibilities to respect them seriously, including through the measures we have taken today,” he added. “To be clear, this decision was not made on the direction of a market maker we are talking to or other market players.”
His comments came amid reports that major Robinhood-linked hedge funds, including Sequoia Capital and Citadel Securities, were involved in the decision to cease operations. Both companies have denied involvement in the decision.
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Additionally, Treasury Secretary Janet Yellen held a meeting with executives from the Federal Reserve, Federal Reserve Bank of New York, Commodities Future Trading Commission, and Securities and Exchange Commission to determine whether “additional measures “would be justified in relation to the market. volatility surrounds GameStop. The SEC and New York Attorney General Leticia James also said they would conduct their own review of the matter.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 59.95 | -3.13 | -4.96% |
GameStop shares have fallen more than 7% in Monday’s trading session at the time of publication.
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