On Tuesday, Gamestop shares (NYSE:GME) plummeted by over 60%. At the time of writing, they continue their downward trajectory and average prices 80% lower than their peak last week. Wherever you stand on the Reddit vs Wall Street debate, it is apparent that this is only the first step of many in a saga that will change the face of investing forever.
As Wall Street rushes to control the damage and regulators are left trying to work out what, if any, action they should take, the WallStreetBets Redditors have already moved in on their next targets.
Anyone who has spent time on Reddit knows that its users do not act as homogenous entity. There is considerable disagreement in the ranks as to which companies should be the targets of the next mass investment.