GameStop (NYSE:GME) stock is on a wild ride Monday following some recent drama on the WallStreetBets (WSB) Reddit.
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Here’s everything investors need to know about the WSB and GME stock drama.
- Starting off, WSB is a subreddit focused on boosting up shares of stocks before selling them off for profits.
- They make use of the Robinhood app due to its ease of access to the stock market and trading.
- The most recent target of the internet forum was GameStop, which has been on shaky ground lately.
- While investors from the subreddit did take out shares of the stock to boost it higher, conflict arose shortly after.
- Andrew Left, the founder of Citron Research, announced plans to live stream five reasons GME stock would fall to $20 in a Tweet.
- That allegedly caught the interest of the subreddit, which didn’t want his bearish stance ruining the rise in the stock.
- According to Left, that resulted in attempts to hack his Twitter account and him being doxxed by users of the WSB subreddit.
- Left ended up having Twitter (NYSE:TWTR) lock his main account to avoid the hack and Tweeted from a backup account instead.
- A moderator of the WB subreddit confirmed there was talk of a dox attempt on Left but couldn’t confirm it was from a member of the forum.
- They also said the subreddit doesn’t condone that kind of behavior.
- Either way, the WSB subreddit is filled with memes this morning as investors celebrate the soaring price of GME stock.
GME stock was up 59.9% in pre-market trading this morning and is up 276.9% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
