Why Everyone is Talking About GameStop
If you're like me you're probably wondering why are so many people are talking about this store that seems like it's been on it's deathbed for years. GameStop locations have been struggling and even shutting down in the Hudson Valley in recent years. Poughkeepsie lost the GameStop n Plaza 44 not too long ago. I was also disappointed during my trip to the Danbury Fair to see that the location there had closed as well.
Why are their stocks so high if the company appears to be folding?
Some believe that 1776 is happening right now because of some trolls on Reddit and it's all going down because of GameStop and a few other businesses.
Who doesn't want to get rich? Here I was playing the Powerball and Megamillions like a sucker. I'm sure you've heard the expression, "You've got to make your own luck in this world."
Well, that's exactly what a group of people on Reddit did and it's been a huge wake up call for professional stock traders and hedge funds.
When you walk into your local GameStop do you ever feel like you've just set foot in one of the most valuable businesses in America?
According to CNBC, the sub group on Reddit called 'wallstreetbets' that's a group specifically designed to talk about stocks and trading recently created threads in the group which encouraged buyers to invest in companies whose stock had very little value like Gamestop an the company that owns AMC Theatres.
CNBC also reports that GameStop stocks alone went up over 400% just this week.
Analysts are deeply concerned that this could destabilize market. Others believe this is a form of a revolution and could used as a wake up call to those who are believed to have financial power in our country.