Investing
Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance
- Some retail traders lament chasing Reddit-fueled rallies
- In matter of days, 60% of meme-stock gains wiped out
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Felipe Zahr wanted to be part of history. So after watching GameStop Corp.’s eye-popping 1,625% run in January, he joined in on the action.
The 18-year-old student from Guanacaste, Costa Rica, snapped up $928-worth of GameStop shares Monday using his father’s investment account, when the stock was trading around $232, he says. A day later, he has already hit the sell button, almost half of his original investment gone.