Days after Redditors crashed the stock market with the GameStop fiasco, some users of the online platform have now bought an ad on a Times Square billboard.
The witty ad ran for an hour on Friday, January 30, on a billboard in New York's Times Square created by Matei Psatta. In an allusion to the stock ticker symbol, the ad read. "$GME GO BRRR". The symbols indicate the vastly rising stock prices of GameStop following what many have termed a coup by Redditors.
The past week saw a massive surge in stock prices of the struggling gaming company GameStop, whose stocks went from $100 on January 21 to a whopping $325 on January 30.
How it happened
It all started when certain members of a Reddit page called WallStreetBets started a "movement" of sorts. Pirate investors caused an overnight surge in GameStop's stock prices by pumping up the prices. Financial experts have since called it an effort to cause financial damage to hedge-fund short-sellers who often short sell stocks by betting against it in a planned move to derive profits out of the stock's failure.
The move led to many persons becoming rich overnight, even as many remained confused and oblivious to what really happened. The movement is also being seen as a slap on the face of Wall Street and even led to suspicions in the White House. The latter has launched a probe into the stock surge.
Following the GameStop fiasco, Redditors have been getting a lot love as well as hate. With the Times Square ad, many are once again praising Redditors for the cheeky move.
"Loving this year already," one Redditor wrote in response to the ad. "This is the hype we need for next week! WE LIKE THE STOCK!," wrote another.
Not just GameStop, other players like Robin Hood have also been in news recently. Robinhood, a stock-trading application, found itself in the thick of the GameShop controversy after it abruptly blocked clients from purchasing shares of some companies whose stock prices had spiked dramatically and shaken up Wall Street.