Thousands of people jumped on the Gamestop bandwagon last year when the company's stock began to surge. One year on, some are still holding on.
In 2020, when Jimmy Pham was a 20-year-old college junior, his school moved online when the pandemic hit. He dropped out, still living at his parent’s home in Orange County, California, helping them with rent and unhappily working as a remote tech for uBreakiFix, making $19.30 per hour.
Pham is part of a significant group of people who are still holding on to their GameStop shares, watching their money increase while betting on GameStop’s transition from a brick-and-mortar video game business to tech company and insisting that this is a way to change the system. For investors like Pham, it has changed their lives.
Redditors against hedge funds became a David versus Goliath battle, which was aggravated even further when investing app Robinhood suspended trading of GameStop on January 28, 2021, citing the “recent volatility.” The media coverage became more frenzied as politicians on both sides of the aisle weighed in, criticizing the company and calling for hearings that were consequently held in February and March.“It’s a really interesting trusting exercise with strangers on the Internet, on Reddit.
Lauren McKenzie, 36, in Surprise, Arizona, is also holding on to her shares of GameStop. She bought in after Robinhood took away the buy button, after learning more about the stocks on Reddit. “I didn’t like to sell them, but I had to do what I had to do,” said McKenzie. “It’s life and it’s complicated.”
Mejia initially invested $10,000 in January and was sitting on over $40,000 at the time of reporting.
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