USERS OF THE SOCIAL MEDIA FORUM REDDIT organized last Wednesday to save the game retailer GameStop from being driven into bankruptcy by hedge fund managers.
It’s a classic struggle between the Fat Cats and the Downtrodden.
The Reddit users, called redditors, were incensed. They responded with a “short squeeze,” forcing the price of the stock up. The subreddit group /r/WallStreetBets came to the rescue. Following the lead of an influential redditor with the handle /u/deepf**kingvalue, they bought shares in GameStop. That drove the price of shares up, thus thwarting the plans of the evil hedge fund managers.
David Charbonneau is a retired TRU electronics instructor who hosts a blog at http://www.eyeviewkamloops.wordpress.com.