WallStreetBets: American Airlines Could Be The Next GameStop?
If you’ve not seen GameStop or WallStreetBets in the news over the last few days, where have you been? The Reddit account caused absolute carnage.
GameStop, a brick-and-motar video game retailer in just a few days went from being on deaths door, to a market cap of over $23 billion. The value could surge even more today.
The share price of GameStop was under $100 just a week ago, went to a mammoth $347.51 yesterday. This wasn’t driven by GameStop releasing new products, or the company performance, it was all driven by supply and demand of the shares.
This demand for shares was driven by a sub-reddit page called WallStreetBets. The account identified that some hedge funds were holding large short-selling positions on GameStop. Which then let to them buying up all the available shares. Which in short, caused them to pretty much control the shares available to the public, which caused a steep increase in price.
American Airlines Could Be The Next GameStop
American Airlines surged more than 10% yesterday, which led to many people believing they could be the next GameStop. Plenty of reddit users have been speculating who WallStreetBets will target next.
It’s not just American Airlines who could be in line for a sudden surge, companies such as AMC, BlackBerry and Bed Bath & Beyond have all seen sudden rallies in recent days.
Who is WallStreetBets?
WallStreetBets is a subreddit, which is essentially a forum. It’s a group of people who enjoy talking about investing and often speculative investing.
Apparently the man who created WallStreetBets is a 39-year-old consultant who lives in Mexico City.
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