Anyone whose eyes have been on the news lately has likely noticed the peculiar surge in popularity of video game retailer GameStop. While it goes without saying that the retailer is one of many businesses harshly affected by COVID-19, GameStop wasn't doing so hot, with regular store closures and many considering it to be the next Blockbuster Video, but that all changed just about a week ago.
For anyone not caught up on the recent GameStop stock news, an investing subreddit known as r/wallstreetbets decided to target the retailer's stocks after realizing that wealthy hedge fund managers were trying to take advantage of the struggling retailer by "shorting" its stocks. Thus, the subreddit decided to invest in GameStop as much as possible, successfully making billionaires lose unprecedented amounts of money while Reddit profited in the process. Now, some investors from r/wallstreetbets have decided to pay forward their good fortunes with donations to children's hospitals.
Over on r/wallstreetbets, user Lunar033, a mechanical engineering student at Cornell University, posted a photo of their good deed, donating six Nintendo Switch Lite systems, a variety of Switch games, and even some accessories for the system to the Children's Minnesota Hospital. The donation reportedly added up to around $2,000. Another anonymous member of r/wallstreetbets reportedly donated 10 Nintendo Switch systems to a Texas children's hospital.
I am proud to do my part in paying forward our good fortune with a donation of 6 Nintendo Switches and games to go with them to the Children’s Minnesota Hospital. Cant Stop. Won’t Stop. GameStop. (Still long 50 shares I WILL NOT SELL) from wallstreetbets
In addition to making GameStop-related donations to children's hospitals all over, it seems that some investors have also been able to pay off sizable medical bill-related debts in efforts to help their own families. At the moment, r/wallstreetbets continues to succeed in its endeavor to make billionaire hedge fund managers lose money by "holding the line," or not selling their GameStop stocks, despite risking the chance of losing money themselves. As a result of the success, r/wallstreetbets also decided to do the same for AMC Entertainment, most known for its chain of movie theaters. And now, what started out as a ploy to "stick it to the man" has erupted into one of the biggest news stories of the year.
As the GameStop stock situation has continued to develop just over the past week, the story managed to transcend Reddit and even capture the attention of the Biden administration, which is actively "monitoring" the situation. The recent stock market manipulation has had many up in arms as of late, even leading to lawsuits against popular investment app Robinhood for halting GameStop stock trading.
Now, the story has begun to invade mainstream media with news of a GameStop stock feature film in the same vein of The Social Network already in the works. Regardless, it will be interesting to see how the situation continues to develop over the coming weeks.