![]() ![]() On the r/wallstreetbets forum, which now has nearly five million users, retail investors congregate in discussion threads to offer informal investing tips to each other. “If you’re allowed to manipulate a company into obliteration, then we’re allowed to respond.” “Now the little guy has the power to use the free market to make money off of others’ greed, which is shorting a company like that,” he said. Niklaus, 36, who bought shares in GameStop from his home in Saugeen Shores, Ont., said he saw it as an opportunity “to make money off Wall Street’s greed.” As of Tuesday, Melvin Capital had received a cash infusion of nearly $3-billion from Citadel and Point72. The spike in trading forced funds such as Melvin Capital to exit their short positions, with manager Gabe Plotkin telling CNBC that the hedge fund was taking a significant loss. “It’s literally about sending a message to billionaires that retail (investors) are here and we will hold you accountable from now on.” ![]() “We’re at a point where for many people it’s not about the money anymore,” said Carignan, a 25-year-old who started investing with Wealthsimple, a Canadian online investment management service focused on millennials, during the pandemic. BlackBerry rose to a stock value not seen since 2011, when deciding between the iPhone 4S or the BlackBerry Bold was a difficult choice.įor many of the investors involved, what started as a practical joke paired with get-rich-quick ambitions quickly snowballed into something much bigger. GameStop, a bricks-and-mortar gaming retailer most often found in shopping malls (and the parent company of EB Games), saw its market value increase to more than $24-billion from $2-billion in a matter of days. This week, they were among the millions of amateur investors who took part in a trading frenzy that sent the stock prices of several unsuspecting companies soaring - at the expense of the Wall Street investors betting against them.ĪMC, the movie theatre chain devastated by COVID-19 restrictions, saw its stock surge nearly 840 per cent. David Halpert publishes a cannabis magazine in North Toronto. Justin Niklaus runs a family bakery in Owen Sound. ![]() Jess Carignan is a flight dispatcher from Quebec City. ![]()
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