Defiant Redditors buy Times Square billboard as GameStop stock saga rages

The New York Post:

Defiant amateur investors on Reddit say they are not backing down on their investments in GameStop — and even took out billboards in Times Square and across the country urging the faithful to continue holding the line.

“$GME GO BRRR,” blared 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 billboard maker Matei Psatta.

The line refers to a popular internet meme that uses “Brrr” to signify the sound a money-printing machine makes. GME is the stock’s ticker symbol on the NY Stock Exchange.

Investors on Reddit have driven the price of GameStop — a dusty mall electronics retailer worth only $2.57 a share at one point last year — to astronomical highs in just days. From a value of just under $40 a share on Jan. 14, the stock skyrocketed to $483 a share. Though price swings have been extremely volatile, the stock has spent much of the last five days comfortably above $300.

The “movement” was initially organized by those on the Reddit page WallStreetBets. The pirate investors convulsed markets all week, pumping up Gamestop’s price in an effort to stick it to hedge fund short-sellers who bet against the stock and planned to profit from its failure. Instead, prices surged because of the renegade buyers, and some Wall Street institutions were brought to their knees.

“For the first time, it is almost as if God gave a reason for all us to band together to battle corruption and stand for what is clearly right. I have never experienced unity like this before, regardless of where you belong in the political spectrum, everyone is unified in what needs to be done,” posted one Reddit user, using almost biblical terms.

The movement has resulted in potentially billions in losses for the Wall Street barons, one of whom — Melvin Capital — required a $2 billion bailout from hedge fund boss and Mets owner Steve Cohen.

An effort by trading app Robin Hood to prevent GameStop purchases during the height of the frenzy has now resulted in a class action lawsuit against the company. Populist politicians on both sides of the aisle have also gotten into the act.

Read more at The New York Post

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