Yes, you read that right. After a Reddit forum will organize To buy in bulk and take GameStop stock from $ 2.57 to a peak of $ 470, users didn’t stop there. Now the old well known video rental company Blockbuster you are watching your stock go up a 6000%.
Surely many have not gotten to know the store itself, but Blockbuster became the largest reference in the sale / rental of series and movies a few years ago. Unfortunately, with the arrival of new technologies such as DVD, the Internet, and companies such as Netflix, the company was unable to adapt and ended in irrecoverable decline.
So much so that Blockbuster has been bankrupt for more than a decade. Until January 22, his shares were worth $ 0.0033 dollars. However, and with the help of Reddit users, the actions became worth $ 0.20 dollars in just a few days, which represents a huge rise of 6060%.
However, this does not mean that Blockbuster is going to rise from the ashes, not at all. The central goal of forum users r/ WallStreetBets On Reddit, it is none other than losing millions of dollars to investment groups that invest short in companies. Basically, they speculate that companies will continue to lose value and they make a difference with that.
As we explain yesterday, users see this as a war against a class they hate. In the long run, shares in GameStop and Blockbuster are going to go down again, but in between many users are getting rich and taking big players along the way.
First GameStop, now Blockbuster Who’s Next? Reddit users keep generating headaches on Wall Street