Business
Reddit sent AMC and GameStop stock to the moon. Why, and what happens now – CNET
Wall Street bet against GameStop, and online investors saw an opportunity. Now they’re all playing a game of chicken with billions of dollars on the line.
GameStop and AMC stock has spiked in recent days. Here’s what’s going on.
Sarah Tew/CNET
Over the past few months, a bunch of Reddit users have worked to push up the value of shares for video game retailer GameStop, despite Wall Street investors betting the company will fail. So far, they’ve won, pushing the stock up more than 10,000% (you read that right.) Then they started spreading their strategy to struggling movie chain AMC, too. And it’s worked. In their wake, these online market players have…
