The man who ignited the meme stock mania in 2021 has resurfaced after laying low for years and sent shares flying. We might need a sequel to the movie Dumb Money.
? With meme mania – and the man who helped trigger the original retail investor revolt against Wall Street – resurfacing in the US after a three-year hiatus, the raw material for a follow-up might be developing.
While it is a far cry from the prices above $US81 GameStop shares reached in early 2021 at the height of the meme stock craze, there is a common spark to what occurred then and now. His first tweets since 2021 prompted an enthusiastic response within the Reddit WallStreetBets chatroom that was central to the previous GameStop play, generally along the lines that “he’s back” and “Oh, we are so back.”
It’s in much the same place as it was three years ago, shrinking because of the anachronistic nature of its business model.While its shares have been shorted, with about a quarter of the free float in the shares on loan, there isn’t the same capacity to impose the intense short squeeze that drove GameStop’s share price to extremely irrational levels in the last episode, which probably explains why the shares fell back.
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