This was a particularly crazy week on Wall Street as the meme stock revolution was in full swing. At the heart of the revolution is AMC (AMC). The meme stock revolution really took off back in January when GameStop was the subject of extreme short selling by hedge funds. At that time, the Reddit subgroup WallStreetBets noticed GameStop had about 140% of its shares being shorted (more shares were shorted than actually existed). WallStreetBets and a user named Roaring Kitty worked on spreading this knowledge and encouraging regular retail investors to buy up shares and force hedge funds to pay much higher prices when they were margin called and had to pay back the shares that they borrowed on contract (options trading).
This same scenario was played out again this past week, but with AMC being the focus this time instead of GameStop. AMC was trading around $10 per share over the last few months but became the focus of the meme stock revolution starting last week, and its price began its meteoric rise. AMC started out last week, 5/24, trading around $13 per share and it quickly doubled in price to end Friday at $26 per share. AMC’s value peaked on this past Wednesday when it reached $69.29 per share, and it has been on a rollercoaster ride since then, and it’s currently trading around $47 at the time of writing this.
In cryptocurrency news, Miami, FL, is hosting the 2021 Bitcoin Conference on 6/4-6/5. This is the largest Bitcoin/cryptocurrency meeting ever. Speakers include Ron Paul, Senator Cynthia Lummis, Michael Saylor, Jack Dorsey, Tony Hawk, and Nick Szabo. A noticeable person missing from this list of speakers is Elon Musk, although considering his recent negative comments and tweets about Bitcoin it’s no surprise that he wasn’t invited. His response was to tweet the image below.
Tweet by Elon Musk
What are your thoughts on AMC and the meme stock revolution? What do you think about the 2021 Bitcoin Conference and Elon Musk’s most recent tweet about Bitcoin? Let’s have a conversation and leave me a comment below.