Elon Musk Gamestop stocks
[Photos via Elon Musk/Duncan.Hull via Wikimedia Commons, GameStop/Ser_Amantio_di_Nicolao via Wikimedia Commons]

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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Once Elon Musk caught wind of what individuals were doing on the r/WallStreetBets Reddit thread, he tweeted out a link to it. The move was seemingly in support of the individuals who were boosting GameStop’s stock shares.

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.

Due to the sudden spike, big bets short-sellers on Wall Street who thought the GameStop stock would fall are now facing billions of dollars in collective losses.

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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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Meanwhile, Musk called out the gaming messaging app Discord after they banned the Reddit group who started this whole situation. However, according to The Verge, Discord has since lifted that ban and is now helping the r/WallStreetBets team moderate its new server.

Now, Musk is further explaining why he is backing Reddit’s Gamestop stocks ploy. On Thursday, he shared a tweet saying hedge funds shouldn’t be allowed to control the financial apps that blocked people from buying any more stocks. Their attempts to make those stocks plummet so they wouldn’t lose any more money is wrong and a “scam.”

A lot of hashtags and phrases have begun trending because of all of this. #EatTheRich and #HoldTheLine are a few of the recent hashtags to grow in popularity. However, Fyre Festival is also being brought into this Wall Street situation all thanks to Ja Rule.

On Thursday, he tweeted that Robinhood limiting GameStop stock trade is a crime and that they all need to continue to hold the line. Of course, his tweets went down exactly as you’d expect. Many are reminding the internet that they probably shouldn’t take financial advice from the investment advisor of Fyre Festival.

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Senses Fail‘s Buddy Nielsen also shared his thoughts on the situation. He touches on the internet finally coming after those Wall Street billionaires who will likely get bailed out by the government in the next few days.

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.