Over the past two years, despite an increasing belief that GameStop was more than likely on its last legs of life, staunch believers in r/wallstreetbets pushed their case that the stock was undervalued and to invest then would have great returns if you’re patient enough. To explain how this all went down would take an exceedingly long time to type out and I’d probably get the finer details wrong, but I’ll try to summarize it. Somewhere along the way, these Redditors got into a pissing match with establishment Wall Street investors and committed to a war of economic futures against the old guard. The subreddit, r/wallstreetbets, is “a community for making money and being amused while doing it.” In-between the memes of losses, there are discussions of good bets across all the different trading platforms. GameStop briefly posted its highest stock price ever this morning thanks to a Wallstreet trading subreddit having a giggle and we’re now gallivanting in Phillip K. With more than a thousand store closings planned in the next few months, you would think this would mean the publicly traded company’s stock price would be in the gutter. The company wasn’t doing great before last year’s economic downturn caused by the Covid-19 pandemic, then things got so bad that the company declared itself essential by selling hand sanitizer. To say GameStop has been struggling as of late would be an understatement. We are now firmly entrenched in my worst nightmare future
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