The stock purchasing has grown so out of control that Robinhood, a consumer stock trading app has barred purchases of stocks like Gamestop, Nokia, and AMC. The unprecedented public purchasing of stock has spilled over into other companies such as AMC, Nokia, Blockbuster, and Bed, Bath, and Beyond. The move sent the value of Gamestop stock skyrocketing as much as 9300% from where it was on January 6th. Realizing that a large number of hedge fund investors were betting on Gamestop to fail, the r/wallstreetbets subreddit rallied people to buy up and hang on to the stock. Sports Hub Headlines Sent to Your InboxĪ subreddit has shown the power of the people when it comes to the stock market.
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