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AMC, similarly, had gone as high as $16.50 per share before dropping to about $8 and then inching up to $9.50. GameStop and AMC stocks at the center of a multibillion dollar drama between Wall Street investors and social media traders on Reddit have dropped dramatically Thursday. GameStop shares jumped to a high of $483 per share early in the day, then dropped to around $246 by midday ET, only to rally minutes later to more than $300.
The moves mark the spectacle of what some investors call a war between Wall Street and social media traders. As the social media investors pushed shares of the company up, Wall Street has had to recalibrate its bets, pushing shares beyond their all-time highs. The Reddit community r/WallStreetBets has become a central hub of a financial push to hurt Wall Street investors who bet big against GameStop’s future. In the past, this is mainly because the bookies have used fractional odds and industry specific terminology for both odds and amounts of dough.
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