GameStop stock rises due to Reddit users

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Lara Cayci

GameStop’s stock has shot up as much as 1,800% since the beginning of the year.

GameStop was a central part of many current adults’ childhoods, with people reminiscing on going to the store and purchasing digital copies of video games for their Xbox or PS 2. However, times have changed and now most video games are purchased digitally. Because of this, the store GameStop lost its relevance, and in the stock market’s eyes was worth less shares. However, some past-gamers on Reddit have turned the stock market around and become rich by buying the company’s stock, and also encouraged their peers to invest too. GameStop’s shares have skyrocketed recently, more than it has ever been, and this caused a stir among Wall Street. They heavily bet that GameStop’s market would drop heavily, so Wall Street lost a lot of money from this endeavor. The stock rocketed up and swung heavily.

GameStop’s stock hit all-time highs last week on Thursday of $492.02 per share, only to drop by more than half a minute later. It closed trading at $325 the next day. Its stock has shot up as much as 1,800% since the beginning of the year. Now, the Wall Street investors that bet against the gaming company’s future interest are set to lose billions of dollars. The financial world, which had previously been led by hedge fund companies and billionaires, is in shock as a group of internet dwellers is controlling the GameStop stock to rise to unthinkable levels. This has been a moment of awareness for the average person, as it’s recognizable how malleable the economy truly is.

It’s cool to see the people take back the power from the Wall Street hedge funds that have dominated the stock market for too long and used it as their personal playground.”

— senior T.J. Isberg

“We’re seeing a phenomenon that I have never seen,” said Jim Cramer, a Wall Street commentator on CNBC and a former hedge fund manager. “It’s insane.”

Traffic to the Reddit community that has been the lead controller of the recent news, r/WallStreetBets, is breaking records. r/WallStreetBets counted 73 million page views for its discussion boards on Tuesday, Jan. 26, as stocks began to swing. Over a seven day span, it hit about 700 million page views.

Senior T.J Isberg said, “It’s cool to see the people take back the power from the Wall Street hedge funds that have dominated the stock market for too long and used it as their personal playground.”

For the investors on Wall Street, this phenomenon will be a reality check on how the power of numbers can control their industries. Social media has the power to control the world. Youtube and Twitter have been sites where politics and musicians can spread their influence. Instagram and TikTok are where many fashion trends originate. And now, Reddit is taking on Wall Street.