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r/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants discuss stock and option trading. It has become notable for its colorful and profane jargon, aggressive trading strategies, and for playing a major role in the GameStop short squeeze that caused losses for some US firms and short sellers in a few days in early 2021.
AMC, another meme stock, jumped 75% Monday, while Reddit traded 9% higher. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance.
The meme stock phenomenon ultimately led to congressional hearings and a movie was even made about the ordeal in 2023 called “Dumb Money.” Meme stocks: Why they’re making a comeback in 2024
The video game retailer’s stock soared hours after a Reddit post by stocks influencer Keith Gill — also known ... Shares of AMC Entertainment were up nearly 28% by 6.47 a.m. ET Monday ...
This caused the GameStop stock price to rise from under $14 to over $48, though Gill's post did not mention GameStop. GameStop benefitted from this by issuing more stock at over $20, raising over $900,000,000. Other stocks such as AMC, BlackBerry, Virgin Galactic also experienced major increases during this time period. Reactions
The meme stock rally in 2021 was set off by Gill's posts on Reddit's Wallstreetbets discussion group about the gains he had made on his investments in the highly shorted firm.
A meme stock is a stock that gains popularity among retail investors through social media. [1] [2] [3] The popularity of meme stocks is generally based on internet memes shared among traders, [4] on platforms such as Reddit 's r/wallstreetbets . [5]
Cinema chain AMC dropped 7.7%, after rising 135% in the past two sessions, while video game retailer GameStop fell 10% after hitting its highest level since June 2021 on Tuesday.