afaqs! news bureau
Social Media

Zomato, Tinder, Netflix ride on Reddit-powered GameStop’s freak share price surge

It’s been a weird and hilarious few days for Wall Street… The brands just couldn’t resist talking about it.

If you spend anytime online, then you must have heard of GameStop at least once. GameStop, a loss-making video game retailer saw its share price skyrocket over 1,500 per cent because of retail investors who discussed the stock on Reddit and other social media platform.

These ‘amateur’ traders decided to team up with other likeminded traders and buy as much GameStop shares as possible and hampered the plans of hedge funds which was short-selling the stock. Short-selling means to borrow a share from a broker, sell it, and then buy it again when its prices have fallen and make a profit.

Such was the craze that several Indian brands decided to have some fun with the situation:

Zomato

Dunzo

Tinder India

Neflix India