On one side of the boxing ring, we have the amateur day traders who coordinate via a forum on Reddit had with the aim of supporting any struggling company by driving up its share price. Companies like GameStop (GME), BlackBerry (BB), Macy’s (M), and AMC (AMC) have been at their radar lately. AMC is a movie theatre chain which has seen one of its worst times during the pandemic. The #SaveAMC was also seen trending on Twitter after this WallStreetBros incident.
While on the other side you find hedge funds and short-sellers. Known as the wall street elite, these people have placed bets for the company’s stock to crash. They are a reliable and trustworthy source of information and financial knowledge for some people while they’re detested by many Millennials and Gen Z people. They hold these elites responsible for creating a house-of-cards financial system that ultimately led the country to the financial crisis of 2008.
So, Where do we stand now?