Elon Musk is backing Reddit’s GameStop stocks ploy again—here’s why
If you haven't turned on the news this week or aren't involved in stocks, then you might not be aware of what is going on right now. Trading volumes in GameStop stock shares surged to a whole new level this week. Why? Well, let's just say we can thank Elon Musk and Reddit.
Earlier this week, the Reddit thread r/WallStreetBets encouraged people to pile into GameStop's stocks in an effort to stun Wall Street firms who were betting these stocks would fall. Then, Elon Musk soon joined in on the action, causing all of this Wall Street drama to finally unfold. Now, Musk is further explaining why he backs Reddit's recent moves.
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As a result, many of those on Wall Street were left stunned. According to CNBC, shares of GameStop were up more than 60 percent in after-hours trading on Tuesday following Musk’s tweet. The stock ended up closing up 92.7 percent on Tuesday.
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Since all of this, a lot has happened. Robinhood Markets, Inc., an American financial services company, has restricted trading in GameStop, an action that quickly caught the attention of many. U.S. Representative Alexandria Ocasio-Cortez tweeted that this action really only benefits one group of people."This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Cmte, I’d support a hearing if necessary."
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As of noon PST on Thursday, Jan. 28, GameStop stocks have fallen 28 percent.
What are your reactions to a Reddit thread influencing GameStop's stock? Let us know in the comments below.