traders on the chaotic and obscene subreddit WallStreetBets helped push GameStop’s stock price up from $20 on January 11 to $73 after traditional analysts deemed the stock a clunker.
As a collective, the subreddit has previously amassed enough bodies and enough funds to drive unlikely rallies in the stocks of companies like Lumber Liquidators and Plug Power. “It was a meme stock that really blew up,” said WallStreetBets moderator Bawse1. “The massive short contributed more toward the meme stock.” GameStop seemed so utterly doomed that the current situation was actually sort of funny to the subreddit’s denizens.
On Friday, Left set up a second Citron Research Twitter handle, claiming that several people had attempted to hack the main account, potentially in an attempt to disrupt his livestream. In a note tweeted from that backup account, Left wrote that “an angry mob who owns this stock has spent the last 48 hours committing multiple crimes,” alleging that the same group harassed “minor children” as well. He says in his YouTube video that someone ordered pizzas to his house and signed him up for Tinder.
WallStreetBets moderator Bawse1 says that he doesn’t know if those things happened, “and if they did, it’s not something we condone or promoted.”
The stock market is just fantastically weird right now. It's such a huge story, and very reminiscent of the political system being overrun by memelords in 2016, as whatever you'd call the establishment just looked on in confusion / terror / horror https://t.co/iLOeDBDlAi— Tom Gara (@tomgara) January 22, 2021
The 2016 parallels to the stock market being memelorded are everywhere. You'd assume there are guardrails against this? No. Grownups will eventually win out, either with brute force institutional power or tactical smarts? No. This can just like, happen? Yep.— Tom Gara (@tomgara) January 22, 2021
I wouldn't worry too much about this Gamestop 70% stock surge thing, history suggests that aggrieved gamers co-ordinating on Reddit are unlikely to have any lasting impact https://t.co/5iAoqgXrYF— Tom Gara (@tomgara) January 22, 2021