Redditors who bought GameStop stocks have used some of their investment earnings to purchase billboards across the US, and even fly plane banners, to gloat against Wall Street.
“$GME GO BRRR” read a digital billboard in New York City. “BRRR” is a meme that refers to the sound a money-printing machine makes.
Matei Psatta, who created the billboard in New York, said it cost him only $18 since it was a one-hour purchase from his own company.
“Did it purely to support the movement and make some people smile,” he told the New York Post. “I’m considering running another but want to see how the sentiment is on Monday.”
Another digital ad appeared in Oklahoma reading “We’re not leaving! GME,” reports The Sun.
In California, an airplane flying over Santa Monica trailed a banner reading, “WE ARE ALL GAMESTOP WALLSTREETBETS.” Another banner attached to plane over San Francisco read “SUCK MY NUTS ROBINHOOD.”
Investors on a Reddit discussion called WallStreetBets drove up the price of GameStop, which bottomed out at $2.57 a share last year, to over $483 a share this month. In early January the stock went from $40 to more than 1,700% its value in an organized effort to pump up GameStop’s stock prices to mess with hedge funds who were selling the stock short and wanted to profit from its failure.
Because of the new investors pumping money into the stock, those hedge funds lost millions of dollars, including Melvin Capital, which reportedly lost 53% in January.
According to The Sun, Melvin Capital required a $2-billion bailout from its boss and now Mets owner Steve Cohen.
The saga spread to other retailers such as AMC and BlackBerry.
“For the first time, it is almost as if God gave a reason for all us to band together to battle corruption and stand for what is clearly right,” wrote a user on Reddit.
“I have never experienced unity like this before, regardless of where you belong in the political spectrum, everyone is unified in what needs to be done.”
Robin Hood, the investing app with which many Redditors used to make their investments into GameStop, removed GameStop from its platform, setting off a class-action lawsuit against the company.