In this article, you will find out everything you need to know about GameStop saga. For sure you’ve seen in the media lots of articles about this.
WallStreetBets is a group of 8 million simple investors on Reddit.
They made lots of trades pushing stock prices up to Mars and beyond.
In this group, simple investors exchange tips and follow together different strategies.
Some of these companies are BlackBerry (its shares went up nearly 280 percent), and AMC (shares gone up in the sky – +840%).
And of course, GameStop followed, getting under WallStreetBets loupe.
While hedge funds had been shorting GameStop’s shares, betting that its stock will further decline, WallStreetBets investors pushed the other way, buying shares and stock options.
In consequence, GameStop’s market value increased to over $24 billion from $2 billion in a matter of days.
Its shares have risen over 1,700 percent since December.
And with this huge increase, lots of people made incredible money.
Who is GameStop?
“Fortune 500 company headquartered in Grapevine, Texas, is a digital-first omni-channel retailer, offering games and entertainment products in its over 5,000 stores and comprehensive e-Commerce properties across 10 countries.
GameStop, through its family of brands, offers the best selection of new and pre-owned video gaming consoles, accessories and video game titles, in both physical and digital formats.
The company also offers fans a wide variety of POP! vinyl figures, collectibles, board games and more.
Through GameStop’s unique buy-sell-trade program, gamers can trade in video game consoles, games, and accessories, as well as consumer electronics for cash or in-store credit.
The company’s global family of brands include GameStop, EB Games, Micromania, ThinkGeek, and Game Informer® magazine.
Who is WallStreetBets?
WallStreeetBets is a page on Reddit.
It is dedicated to a group of investors that invest aggressively, taking more risk than the other people.
Many investors got back serious money out of their investments.
Jaime Rogozinski created the page as an alternative to other forums where people considered his investment ideas too aggressive or risky.
The group has now over 8 million investors and tons of new people join each day, especially now after the media writes each day about them.
They exchange tips and work together for solutions to beat “the system”.
Analysts and media people described the situation as a “nerds vs Wall Street” battle and they were right.
What do we know about Jaime Rogozinki, the founder of WallStreetBets?
He was raised in Mexico and then educated in America.
Jaime studied economics and electrical engineering at the University of Illinois.
He graduated in 2005 and he founded a startup that offered IT support.
After that, Jaime took a job at the Inter-American Development Bank, a major source of funding for Latin America in Washington, D.C.
2021 was the starting point for his stock market appetite.
He says about 2012 that it was “a moment in life where I was taking a strong interest in the stock market.
And I was looking for a place to share aggressive trading ideas. And I hadn’t found a community that fostered that type of conversation.”
Because of that, he decided to start his own Reddit, and he launched WallStreetBets.
Things get interesting
In a very short period of time, WallStreetBets hit 8 million members and it became a popular place.
Because he got so popular, Rogozinski launched a book named – WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials.
The book is sold on Amazon for $13.99 paperback and $10.70 Kindle version. It has over 4 stars reviews on Amazon and it seems that the public loves his book.
And things get even better for him.
RatPac Entertainment paid Rogozinski a low 6-figures sum to make a movie about his story.
If you haven’t heard about this company, they are huge.
They co-financed 81 theatrically released motion pictures exceeding $17 billion in worldwide box office receipts.
Nominated for tons of prizes, RatPac’s co-financed movies are among the best.
Rogozinski’s story is in extremely good hands, and I bet that a great movie will be created.
After the movie, the story will move on to podcasts and other mediums.
No one knows how the GameStop saga will end.
Which will be the next companies on the WallStreetBets radar? Share your opinions.