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GameStop: All you need to know about wallstreetbets on Reddit vs traders

What exactly happened to GameStop’s stock? In a word – Reddit.

January 30, 2021 / 07:42 AM IST
Source: AFP

Source: AFP

What does a fledgling game retailer, wall street head honchos and a group of Redditors ‘who want to stick it to the man’ so to speak have in common? Well, if you have been keeping up with the news, you may have heard about GameStop and how its stock price rose - thanks to a dedicated group of Redditor’s. But how did this all start?

What is GameStop?

Based in Grapevine, Texas in the United States, GameStop is a brick-and-mortar retailer that specialises in the buying, selling and trading of games and game devices. Before blowing up everyone’s Twitter feeds over the last few days, GameStop was struggling and has been since 2016.

Stiff competition from online marketplaces and games slowly shifting over to the digital distribution model made many physical retailers pack up their bags and leave. GameStop is probably one of the last of its kind left.