#SaveAMC, Game Stop and Robinhood Befuddle Investors
It's been a weird week on Wall Street, to put it gently. A campaign that began on Reddit and quickly spread to Twitter and Tik Tok, has upset a normally very intentional market. Social media enthusiasts have taken to Robinhood and similar apps to trade in small amounts, but with a huge effect.
For example, Game Stop ($GME) began the year trading at $17.25 per share. As of the time of this writing, the struggling video game retailer is trading at $315 per share. The rise has literally nothing to do with the normal market ups and downs.
The traffic has been so intense users are reporting trade cancellations and crashes of Robinhood, TD Ameritrade and Fidelity this morning.
https://twitter.com/MerriPatt/status/1354451603047264262
As one Twitter user said, this is Robinhood being a lot more like the real Robin Hood.
https://twitter.com/thereedmjones/status/1354412718309126144
Other Twitter users poked fun at the near instant growth to GameStop, and now to AMC. This morning, a campaign called #SaveAMC began, with small-time investors dumping their loose change into the struggling movie theater chain. Nearly decimated by the pandemic, the campaign is trying to breathe new life back into the company.
The company closed trading yesterday at $5. Today, the stock opened trading at $20.30. As the campaign takes hold, expect it's rise to continue.
https://twitter.com/romwidme/status/1354430929196867591
For many, this is more than just a campaign. They see it as a movement meant to jab back at hedge fund investors who have spent the past year profiting by shorting stocks of struggling American businesses.
https://twitter.com/davidlew/status/1354440492566495236
https://twitter.com/thecham_bears/status/1354436065906536451
https://twitter.com/mzbaker_21/status/1354419274971045890
It's tough to say how long the trend will last, but this campaign seems to only be picking up steam.
Look for more on this story as it develops.