It’s only been a couple of days, but Reddit is having a huge impact on Wall Street, now including Blockbuster and AMC in their stock exchange fury.
In what is actually a complicated situation, people on Reddit have been using its platform to develop a plan of attack of sorts on Wall Street, originally using a do-nothing like GameStop to prove some points. On Wednesday, Blockbuster (a bankrupt company most known for renting out videos in the 1990s) and AMC (a movie theater chain) joined the fold.
Blockbuster stock, AMC and Reddit Turning Heads On Wall Street
Not at all oddly, Reddit using its powers turned the Blockbuster penny stock into a beast, increasing it 774% Tuesday to slightly under five cents a share. This is the best Blockbuster has been at since 2012. For those unaware of how math works, that’s roughly nine years ago.
As for AMC, and several other stocks on GME, all Wall Street tomfoolery is starting to get paused. At the time of this writing, it’s not clear if Blockbuster stock is also paused; though if it is not, given how the Reddit crusade is now a national talking point, don’t be shocked if that ends up being the case.
Obviously, people who live and die on Wall Street, wanting to hold all the power and pretend as though there’s huge secrets to success, are likely to demand some reform coming from Washington D.C.
All of that being said, and not being a stock broker genius (I only watched Boiler Room a few times), it’s strange to see names from a bygone era creep back into the spotlight for the weirdest of weird reasons.
It’s your time to shine, Blockbuster and AMC… or something. Just make sure you credit the fine people over on Reddit in the process. Not sure if you’ve noticed, but if you get on their bad side, they can literally change the world.
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