News

Reddit fuelling trading stock frenzy

Reddit has been fueling a trading stock frenzy since Monday 25th January 2021 causing short sellers to loose $1.6 billion in a single day as Gamestop shares sky rocket. Subredditt has now shifted its gaze to AMC Entertainment, a cinema chain in the USA, which has steadily been falling into bankruptcy since the start of the Pandemic. Less than a month ago AMC’s stock was trading at $2.01 and as ordinary investors take on Big Wall Street funders that had bet the stock prices would fall, the rich are losing billions, and fast.

Wallstreetbetsnew’s, on subreddit have been playing the Hedgefund rich at their own game and have been buying stock low and driving up the price for thousands of everyday, casual investors. Danny Land, from Cardiff, was one of those investing, he bought his stock at $10 in 3 separate investments and has been watching his stock rise significantly over the course of Wednesday 27th January. He is now holding onto his stocks hoping it rises significantly more over the coming weeks. Big investor are set yet again to loose billions

Words and images by Natalie Ball, BA Photojournalism

Categories: News

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