Gamestonk: Memes and market movement

PASADENA, CA/USA - OCTOBER 25, 2014: GameStop retail store exterior. GameStop Corporation is an American video game, consumer electronics, and wireless services retailer.

@peter_IFAMAG reads Twitter so you don’t have to.

There is one dominant finance story on Twitter today, and it surrounds the meteoric rise of Gamestop shares. Orchestrated by a subreddit r/wallstreetbets Gamestop shares have gone from around $40 to about $350 in less than a week. There is a lot of analyses happening, and many memes, but the phenomenon is very interesting and something worthy of cover.

Yesterday GME was the most traded equity in the world.

And the result was that short sellers lost approximately $25bn.

Elon Musk tweeted ‘Gamestonk,’ referencing a widely circulating meme.

John Authers, senior editor of Bloomberg weighed in.

Authers also noted the many people capitalising on the memetic nature of the rally.

The news has made its way to the new US Treasury Secretary.

And finally, the web page where this phenomenal rise was orchestrated is also picking up steam, so we may see this becoming a trend in the immediate future.

What are your thoughts on these tweets?

Tweet your responses to @peter_IFAMAG




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