Market surges resulting from unlikeliest of sources

Riley Platt, Reporter

Online forums have emerged as a beloved piece of the internet. They serve as a great place to connect with others who enjoy similar hobbies. The most popular of these platforms is by far Reddit, which has become a haven of interaction among all walks of life. But what if I told you that this forum could be responsible for a boom in the share prices of multiple major companies?

On Wednesday, the internet was set ablaze as Gamestop share prices went through the roof. Despite sitting at just $39 per share last Thursday, the gaming retailer made a significant climb prior to Wednesday’s drama. When the market closed on Tuesday, the company’s share price was nearly $146. While this was an incredible increase from the previous week, the real shock came on Wednesday morning when the market opened.

As the New York Stock Exchange opened, so did the floodgates of buzz surrounding Gamestop. A share price upwards of $350 sent the internet into a fury, but how was this happening?

It all started earlier in the week when users of the Reddit board WallStreetBets banded together to take a chance on Gamestop, whose share price hadn’t been nearly as high in recent weeks. Rallying on these market rebels was none other than tech mogul Elon Musk.

With Musk giving the movement more attention via Twitter, Gamestop share prices continued to surge. These crowds have created temporary demand among certain stocks, leading to the boom in share prices. Surely, these atypical investors wouldn’t stop at Gamestop, right?

The movement began to spread to other companies, with movie theater chain AMC inheriting the wave of momentum. This is a stock that sat at less than $2 per share earlier this month, but this wouldn’t last long once Reddit users got the ball rolling. At the market’s open on Wednesday, the share price sat at over $20 per share, a massive increase as compared to the low prices that were present as recently as last week. 

While this development is being viewed by many as an inspirational example of the little guy winning, there is considerable pushback against the wave of Reddit-based activity. However, this opposition from those labeled as “the establishment” just seems to give the Reddit rebels more motivation. 

The revolution (if you will) has already taken over the internet, but it’s hard to believe that it has peaked and will be ending anytime soon. The more the news is spread, the more investors come aboard and contribute to the spikes. As of the time this article is being written, WallStreetBets is hovering at around 3.2 million members, a number that just continues to grow.

This is certainly an interesting situation, and is something to keep an eye on. Will the little guys win, or will the whole operation backfire? There’s plenty of speculation for both sides, but only time will truly tell who comes out on top. 


For more information or news tips, or if you see an error in this story or have any compliments or concerns, contact [email protected].