Sunday, January 31, 2021

"Defiant Redditors buy Times Square billboard as GameStop stock saga rages"

 For some reason Senator Elizabeth Warren seems to be siding with the hedge funds rather than these folks:*

Digital billboard maker Matei Psatta paid for the supportive billboard to be shown for one hour on Friday.

From the New York Post:

Defiant amateur investors on Reddit say they are not backing down on their investments in GameStop — and even took out billboards in Times Square and across the country urging the faithful to continue holding the line.

“$GME GO BRRR,” blared a digital ad on the corner of 54th and Broadway in Manhattan. The ad ran for an hour on Friday and was a creation of digital billboard maker Matei Psatta.

The line refers to a popular internet meme that uses “Brrr” to signify the sound a money-printing machine makes. GME is the stock’s ticker symbol on the NY Stock Exchange.

Investors on Reddit have driven the price of GameStop — a dusty mall electronics retailer worth only $2.57 a share at one point last year — to astronomical highs in just days. From a value of just under $40 a share on Jan. 14, the stock skyrocketed to $483 a share. Though price swings have been extremely volatile, the stock has spent much of the last five days comfortably above $300....MORE

*Everybody knows hedge funders can't meme. 

Plus, I though we saw some prints above $500.