Reddit’s GameStop traders turn their attention to AMC stock
Reddit traders who have successfully profited off GameStop (GME) stock are now turning their attention to struggling movie theater chain AMC. Reddit board r/wallstreetbets has helped push GameStop stock to record levels in recent days, with the stock closing up 92 percent yesterday alone. It’s part of a chaotic, meme-fueled effort to create an organized short squeeze, and force traditional hedge funds into losing millions of dollars on their bets against struggling companies.
AMC appears to be next on the list. Overnight, online traders at r/wallstreetbets’ Discord server spent hours creating memes and spamming AMC emoji in an effort to convince thousands of people to buy AMC stock. Hundreds swarmed rapper Soulja Boy’s live Twitch stream…