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Redditor Revolt Propels Game Reseller Largely Loathed by Gamers
- Gamers on the chat site have long loved to hate GameStop
- Store was disdained for selling used game copies as new
Photographer: Patrick T. Fallon/Bloomberg
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There’s some irony in the fact that Reddit, an online chat community full of gamers, has propelled GameStop Corp. to unbelievable levels. After all, video game fans have loved to hate the struggling retailer for decades.
Over the past week, a collective of individual traders on Reddit’s r/WallStreetBets community sent GameStop stock to astronomical heights in an experiment to stick it to hedge funds, which had sold the stock short. At the beginning of this year, GameStop was trading at $17. By Wednesday afternoon, it was over $340, valuing the unprofitable company at more than $25 billion.