Kevin Roose, a New York Times reporter, tweeted on Monday about a chat on Wallstreetbets that included a "prepubescent kid" saying he had made $15,000 on GameStop that day by trading on his brother's investment app. One prominent Wallstreetbets member said he turned a $50,000 investment in GameStop into $22 million, mostly in the past few weeks, and that his GameStop fortune had soared to a mind-boggling $48 million as of Wednesday night.
This was the past." Talk of overnight richesĪdding to the interest: fantastic claims of overnight riches. "Hedge fund managers live in the past, and continue to look down upon the retail investors," wrote one Wallstreetbets commenter on Wednesday. Its posters talk about taking revenge on the hedge funds they insist have secretly controlled Wall Street and hail their recent triumphs as a win for the 99% over the wealthiest 1%. Wallstreetbets is Occupy Wall Street meets QAnon, goes the thinking. Shares of former phone maker Blackberry, LaCroix seltzer owner National Beverage and troubled movie chain AMC have also soared in January after mentions on the Reddit board.Īt a time when viral online movements are having a growing influence on real-world events, including the deadly storming of the Capitol on January 6, some are describing the Wallstreetbets saga as the stock market's conspiracy-peddling equivalent. Now, Wallstreetbets members appear to be widening their aim to focus on other companies that, much like GameStop, the rest of Wall Street has left for dead.
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