Rebellious amateur investors on Reddit say they don’t shy away from their investments in GameStop – and even pulled billboards in Times Square and across the country urging the faithful to stick with the line.
‘$ GME GO BRRR’ blew a digital ad on the corner of 54th and Broadway in Manhattan. The ad ran for an hour on Friday and was created by digital billboard maker Matei Psatta.
The line refers to a popular Internet meme that uses “Brrr” to describe the sound that a money printing machine makes. GME is the stock ticker symbol on the NY Stock Exchange.
Investors on Reddit have propelled the price of GameStop – a dusty shopping mall electronics store that was worth just $ 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 January 14, the stock shot up to $ 483 a share. While price movements have been extremely volatile, the stock has been comfortably above USD 300 for much of the past five days.
The “movement” was initially organized by those on the Reddit page WallStreetBets. The pirate investors stirred up the markets all week, pumping up Gamestop’s price in an attempt to hold it against hedge fund short-sellers betting against the stock and intending to take advantage of its failure. Instead, prices rose because of the renegade buyers, bringing some Wall Street institutions to their knees.
“For the first time, it’s almost as if God has given a reason for all of us to work together to fight corruption and stand up for what is clearly right. I have never experienced such unity, no matter where you belong on the political spectrum, everyone is united in what needs to be done, ”posted one Reddit user in almost biblical terms.
The move 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 attempt by the 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 taken action.
“This is not acceptable. We now need to know more about @ RobinhoodApp’s decision to prohibit private investors from buying stock while hedge funds are free to trade the stock as they see fit,” Queens Rep. Alexandria Ocasio- Cortez said in a tweet. “As a member of the Financial Services Cmte, I support a hearing if necessary.”
Texas GOP Senator Tex Cruz added that he “Totally agree.”
Psatta, 29 – who is also active on Reddit – told The Post that his Times Square billboard only cost him $ 18 as it was just an hour purchase from his own company.
“Did it purely to support the movement and make some people smile,” he said. “I’m considering running another one, but want to see how sentiment is on Monday.”
In conservative Oklahoma, another digital ad was spotted along a lonely highway: “We’re not leaving! GME, ”read the message, alongside a series of emojis.
A photo of the billboard taken by Oklahoman Tess Jenkins eventually made its way to the WallStreetBets subreddit page, which originally started the madness.
“We drove by and took the picture,” Jenkins, 34, told The Post, saying she and her husband had seen another billboard message Friday night and took a ride to look for it.
“I love it. I think more power to the people. I’m excited. I’m very happy that this is happening. The last year was a little crazy. I enjoyed it. My husband danced,” she said.