A Quebecker bought commercials to encourage stock marketers to continue to stand up to the barons of Wall Street.
Jonathan Mireault more than doubled his stake by buying shares in US video game retailer GameStop, whose stock price exploded last week. But he refuses to sell.
“The goal is not necessarily to make money, but to send a message to Wall Street. We want the action of GameStop to rise as high as possible and to stay there, ”he told the Newspaper.
Stock market explosion
GameStop’s title went from around US $ 70 to almost US $ 500 thanks to internet speculators who communicated with each other through the now famous r / wallstreetbets forum on the Reddit site.
They wanted to prove the hedge funds and other big investors wrong who bet on a fall in GameStop’s stock through massive short sales.
The stock’s rapid advance forced several short sellers to hedge their positions in the stock market, costing them billions of dollars.
As the frenzy gradually wears off, Mireault and other members of the “Hold the Line” movement try to convince GameStop’s new shareholders to hold onto their shares to prevent the stock from falling back to its early market price. year.
Jonathan Mireault, who works at the digital agency Flair Strategy, bought advertisements on 105 Montreal bus shelters yesterday afternoon.
“Hold the line,” read the top of a rocket with “$ GME,” the GameStop ticker symbol.
“A somewhat crazy casino”
“What we are also trying to show with this movement is that the Stock Exchange is a bit of a crazy casino,” explains Mr. Mireault.
“We’re just following the rules that Wall Street itself has been using for years,” he adds.
The 29-year-old was inspired by Mattei Psatta, who shelled out US $ 18 on Friday to buy a massive, animated advertisement in Times Square for an hour to whip the ardor of GameStop supporters.
Another hobbyist hired an advertising plane in San Francisco to attack the Robinhood brokerage platform, which restricted transactions on GameStop, drawing the wrath of young investors.
All these efforts have so far proved in vain.
► The US retailer’s share plunged more than 30% yesterday to close at US $ 225 on the New York Stock Exchange.