GameStop Stock Skyrockets Thanks to an Online Reddit Forum

Cadence Wright

Money can be extremely hard to come by and some people invest in the stock market to earn more income. It may come as a surprise that the stock market is a major headline in articles right now, and here’s why! Wall Street went against GameStop and other companies like movie theaters (AMC) and  said that they would ultimately struggle because of their plummeting numbers. gameStop started to struggle way before covid-19 but took a turn for the worse when the pandemic hit. They had a hard time adjusting to online gaming and movie theaters where they shut to end the curve of Covid.  but thanks to an online Reddit Forum people began to sign up for Robinhood and purchasing Game Stock stocks and encouraging others to the same. 

The Game Stop Co-Founder Gary Kusin said “It was a little bit of an honor, I sat back and got the popcorn”, according to Business insider. It doesn’t stop there the online reddit community r/WallStreetBets says it won’t stop at just GameStop and AMC. They’ll  spread their strategy to other struggling big name companies like   Blackberry. The Robinhood stock app decided to shut purchases of stocks of companies that were struggling with business like GameStop or AMC. People were livid and for a couple days, upset that Robinhood had stopped this. On January 9th a statement made by Robinhood was released in a form of a blog. They explained that the trading of these stocks were causing drama and that Robinhood wanted to serve their investors for the long haul. However The company has been exposed for the charges the SEC handed them. Robinhood didn’t tell their users that their share trades could be accessed by others against them. Robinhood didn’t admit or deny these claims and paid 65 million dollars.