In just two days after getting drawn into the crazy Wall Street drama caused by the Reddit clan of WallStreetBets, which previously sent retailer GameStop into the price stratosphere, AMC Entertainment Holdings shares went from roughly $4 to $16.
WSB is a semi-outlaw trading platform that often utilizes apps such as Robinhood that have helped game-ify investing to trade high-risk leveraged options. Members usually post screenshots, with equal braggadocio, of their huge financial gains or catastrophic losses.
The group previously targeted GameStop intending to make profits while also sinking the Melvin Capital Management hedge fund, which was betting against the stock. On Tuesday, Tesla founder Elon Musk tweeted ‘Gamestonk!!’ and a WSB link.
One WSB group member posted a screenshot supposedly converting $50,000 into an astounding $22 million off of the GameStop spike due to a gain of 41,000 percent.
This takes us back to AMC; several theaters were forced to close during the pandemic. Some WSB posters started to speculate earlier this week, “can we do the same for $AMC as we did for $GME?” and targeted the theater as their next goal. Deadline noted that due to the pandemic, total domestic box office revenue had declined more than 80 percent, but now AMC is again trading at its 2018 valuation.
It’s clear that because of social media, things move FAST, and as usual, we came across a few hilarious Twitter user reactions:
https://twitter.com/iam_johnw/status/1354445314812424193?s=20
$GME, $AMC, and $NOK right now pic.twitter.com/kynvwMDZun
— Neeraj Varma (@neerajvarms) January 27, 2021
When you got in on that AMC stock last minute #SaveAMC pic.twitter.com/SRkq5yrGaI
— The Sorcerer So Clean 🧙🏽♂️ (@Dude4One) January 27, 2021
https://twitter.com/FleetwoodMax__/status/1354450149095956483?s=20
Everyone On $AMC In The Morning! pic.twitter.com/6S31frfHA7
— EZstreet🌴☀️ (@itsEZstreet) January 27, 2021
Me hitting refresh on robinhood every 10 seconds #BB #AMC pic.twitter.com/JM9EP7eJTa
— Benjiman Vee (@chrisbenvie) January 27, 2021
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