Barely a week ago, the GameStop stocks have seen a significant increase, thanks to "retail investors" from the subreddit group r/WallStreetBets; now, the craze is even getting further as a film and stocks to the moon have been reported and the subreddit group becoming the fastest-growing one on the platform.
WallStreetBets, GameStop Movie
First on the news is the possible GameStop and WallStreetBets movie coming soon.
In a report by Deadline, MGM has bought the rights to the book proposal of the New York Times best-selling author Ben Mezrich of "The Antisocial Network," which follows the independent amateur investors, gamers, and internet trolls who took on the elites of Wall Street.
The project will reunite MGM's Michal DeLuca and Mezrich, who worked together on the highly-acclaimed movie "The Social Network."
By now, most of the internet definitely knows of the WallStreetBets "meme stock," wherein a group of individuals used Reddit and the subreddit thread to band together to put the squeeze on hedge funds betting against GameStop.
The rally had saved the struggling company, with its stocks seeing a 1,700% rise since December.
After the success of the GameStop stock rally, the group has also decided to back up the AMC Theaters, which has seen a surge in its stocks and was even rescued from its $600M debt, which means the theater chain is no longer considering bankruptcy.
Read More: AMC Rescued From $600M Debt After 'Meme Stock' Rally
The Rise of GameStop, AMC Stocks
Until now, there is a raging war between the Wall Street elites and the internet traders, but when and how it will end is a question everyone is waiting to get an answer.
"We're seeing a phenomenon that I have never seen," Jim Cramer, a Wall Street commentator, said during a segment on CNBC on the early days of the WallStreetBets frenzy. "It's insane."
The continuous war between the two sides caused both GameStop and AMC's stocks to fluctuate over time.
During the height of the stock rally, GameStop's stock price jumped to $159.18 per share on January 25, from merely $17.25 per share at the beginning of the week, according to CNET.
However, the number continued to decrease and increase over the past week.
Besides GameStop and AMC, the Reddit traders are also rallying behind tech company BlackBerry and were able to push its stock price per share from $6.58 to double the price, although, with the tight battle, the price has swung both up and down as well.
Fastest-Growing Subreddit Group
By now, the r/WallStreetBets has become the fastest-growing subreddit on the forum website this week.
As of writing, the subreddit group already has 7.7 million members.
According to Business Insider, the group has been created in 2012, but they were only able to acquire a million members when the year started.
On Thursday, January 28, 2021, the group was at 4.4 million members already following the GameStop meme stock rally, but overnight, the group has acquired 2 million more members, the biggest so far.
It's unclear when the frenzy would die down, but for now, GameStop and AMC's stock prices are still looking pretty good than it did when the year started.
This article is owned by Tech Times
Written by: Nhx Tingson
