Users at r/WallStreetBets have provided some good news for longterm investors in Tootsie Roll, Nokia, AMC, and Blockbuster after gaming the market to short squeeze hedge funds on GameStop stock.
Thanks to an unlikely confluence of influences — the rise of cell phone day-trading amid a pandemic, a hive-minded forum willing to fleece a surprisingly transparent hedge fund on behalf of a nostalgic strip-mall staple, and the stock-market advice of a guy known as “DeepFuckingValue” — GameStop’s share price has risen from $17 on January 4 to over $347 as of publication. And as the young, male, politically incorrect users on the subreddit r/WallStreetBets continue to wield the mobile investment app Robinhood as a tool to short squeeze billion-dollar investors anticipating a GameStop crash, they are trying their scheme on other unlikely investments.
