The GameStop stock drama is taking something of an ugly turn. WallStreetBets — the forum where a group of Redditors decided to work together to buy up shares of GameStop in direct opposition to hedge funds like Melvin Capital, who have made it a practice to borrow shares of struggling companies and profit off their losses — has been home to infighting in recent days as the company’s stock price fell sharply this week. GameStop’s price per share is down 84%, a drop spurred on by questionable practices from the investment app, Robinhood, and by many original Reddit buyers deciding to sell their shares.
“Stop f—ing selling GME,” was the title of one of the latest threads on the WallStreetBets forum where members were arguing over whether to hold their stock or give in to outside influences pressuring Reddit members to sell.
“We have the advantage. All we have to [do] is buy and hold shares,” one Reddit user responded while another issued this warning: “To any [hedge fund] plants in the sub trying to break [WallStreetBets]: F— you. I’m not selling. We’re not selling.”
This isn’t the first time members of the forum have argued over the next steps in their plan to subvert the stock market. News of Hollywood studios wanting to buy the rights to tell their story for various streaming platforms caused a handful of Redditors to clash over who within the group should profit. Still, despite declining stock prices and increasing government scrutiny, whether they make millions from this or not, what the Reddit group has been able to do will certainly have a lasting effect on Wall Street.
And really, isn’t that priceless?