GameStop (GME) stock is on a wild ride recently following some recent drama on the WallStreetBets (WSB) Reddit.
Here’s everything investors need to know about the WSB and GME stock drama.
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.