Latest Stock Market News- Wall Street vs Redditors


Starting a few weeks ago, Wall Street stock brokers were planning on the demise of businesses like Gamestop, AMC, and many more. These companies have seen great decline in business, and were heading towards bankruptcy.

However, a collective group of online Redditors decided to do something that has never been done before.

Thousands of people all game together, and invested in these failing businesses. The prices for these stocks raised greatly, making the businesses thrive. For instance, Gme was up more than 14,300% in the span of a week. Wall street lost billions of dollars, while Redditors were hedging for weeks.

Hedging is a tactic where somebody buys a lot of a stock at a low price, and waits for it to go up. Redditors and people aware of the trend greatly profited off of hedging primarily Gme stocks.

Normal citizens were thriving on the stock market, and the upper class didn’t like this. Robinhood, a free-trading app that lets investors trade stocks, options, exchange-traded funds and cryptocurrency without paying commissions or fees, decided to take action. They halted the purchase of any stock in Gme, and the majority of the other businesses the redditors grew in price. Although Robinhood helped originally grow the stocks of Gme, they halted the rise while giving a jab to wall street and hedge funds.

To further push against Wall Street, multi-billionaire Elon Musk was active on twitter during the whole debacle. Anything that he endoresed in a tweet, was invested in by thousands- if not millions of people. He even created his own form of Bitcoin, Dogecoin.

To enforce the severity of these events, even the Department of Justice got involved:

Although the Redditors were cut short with their profits, the stock market has only ever been manipulated that efficiently by illegal means. We are witnessing history in the making.