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Reddit investors began targeting other shorted stocks and soon set their sights on the struggling movie theatre chain AMC. Citron Research shut down its short-selling business after it was forced to close out its position in GameStop at a substantial loss and the elite hedge fund Melvin Capital was bailed out by two other firms after losing more than half its investments in the debacle.

However, the more cynical read is that is that Redditors wanted to disrupt the Wall Street hedge funds that were heavily shorting the stock. Indeed, GameStop has implemented many of these changes and its revenue is up 26% year over year to $3.75bn for the 39-week period ended 30 October, according to the company’s latest earnings report released in December.

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One reason the stock shot “to the moon” is because this new cohort of retail investors saw optimism that GameStop could turn it around with a new emphasis on online sales including delivery and in-store pickup as well as more focus on PC gamers and investments in new technologies such as the blockchain. The stock has been up and down all of 2021 but remains some 800% higher year to date at around $155 per share. Then suddenly the stock shot more than 2,300% higher to $483 per share in a matter of days. Then retail investors started taking an interest in January 2021 especially after new board members promised to shake things up and helped build the stock price to around $18 per share. The video game retailer was trading below $5 per share for much of 2020 as most investors thought it was on its way to total collapse because the pandemic shuttered many physical retail locations, and competing online stores allowed gamers to download new games from home. Here are five of the biggest investment crazes started by WallStreetBets in 2021. And r/WallStreetBets now has 11.3 million subscribers posting and searching for investing tips, up from around 5 million at the start of the year.

That shift started in 2019 when brokerage accounts lowered their fees to zero, and once the first “memestock” took off in early 2021 millions of people joined in the fun.Ĭharles Schwab in its latest earnings presentation reported new brokerage accounts grew by 110% year over year through the nine-month period ended 30 September 2021 as nearly 6 million people opened accounts. The platform was instrumental in turning investing into something that is accessible to the middle-class and not just investment firms and hedge funds.

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Reddit submitted a draft registration statement for an initial public offering last week but did not disclose the number of shares and price range for the proposed offer. And now Reddit itself could go public in a deal that is likely to be influenced by the traders communicating in its forums. Retail investors grew in prominence this year in part due to the conversations happening on Reddit communities and specifically r/WallStreetBets. The stock market was influenced by traders on Reddit - Credit: Shutterstock