Why did the once worthless GameStop stock suddenly surge? Reddit community initiated, with Musk's support.
On January 27th, according to reports, participants in the online stock market devised a plan to quickly raise the previously worthless GameStop stock, which proved successful. Subsequently, Tesla's CEO, Elon Musk, posted about GameStop stock on his personal social media, causing the price to continue rising in after-hours trading. $GameStop (GME.US)$GameStop is not just a store that sells video games, but also one of the biggest bets made by Wall Street traders recently, with almost everyone expecting it to fail. Until Monday morning, a group of Reddit users decided to make a market, pushing the GameStop stock price nearly three times the average price of the past few months.
GameStop is not just a store that sells electronic games, but also one of the biggest bets made by Wall Street traders recently, with almost everyone expecting it to fail. Until Monday morning, a group of Reddit users decided to make a market, pushing the GameStop stock price nearly three times the average price of the past few months.
It all started last week when the Reddit stock trading chat community WallStreetBets posted promotional posters, trying to boost the stock price of this struggling gaming retailer. Since most Wall Street traders bet that GameStop would not succeed, investors in the WallStreetBets community believed that they could completely drive market rebound by creating demand that had been almost nonexistent before.
The result is, on Monday local time, GameStop...