SiGMA

Wall Street faces Judgement Day as Justin Sun buys US$10Million in GameStop

Added: Jan 29, 2021 17:54 Category: Americas , Deep Tech , Posted by
sw

The Asian community, led by billionaire Justin Sun, join the GameStop wave to fight against Wall Street

The stock market fever surrounding US video game retailer GameStop has spread to Asia with Asian billionaire, Justin Sun announcing a war on Wall Street and hedge funds, pledging to buy US$10million worth of GME. While other massive businessmen such as Elon Musk backing the GameStop wave.

justin sun1

This resulted in a number of brokers restricting trades. These brokers are Robinhood Markets (US), Futu Holdings and Up Fintech Holding (China) and other US firms, all restricting users from buying shares of the infamous GameStop and AMC Entertainment Holdings.

Retail investors from Asia have become inspired by the GameStop rally and more chatrooms on Reddit are opening to synchronise market moves, similar to the 3 million people using the WallStreetBets Reddit chat room.

tweet

The GameStop situation

GameStop’s share price was estimated to fluctuate between the US$3 and US$10 mark. Then a member on the r/wallstreetbets noticed that hedge funds were targeting GameStop by taking a significant amount of short trades against the brick-and-mortar gaming shop, hoping that the price will go down and keep the difference.

Enter the Reddit Army

The reddit community noticed that millions of dollars worth of Gamestop stock were shortened, and in true internet fashion – drove the price up. So much so that GameStop shares have surged by 2,450% from their close in 2020, resulting in hedge funds losing billions in the process.

After seeing this, Asia decided to join in on the fun as companies such as Anritsu, one of the most shorted stocks in Japan, reached levels they have not experienced since 2001.

This revolution does not seem like it is going to stop anytime soon too as Asian Billionaire, Justin Sun, has joined the reddit army backing r/wallstreetbets. Justin Sun published a number of tweets on the matter:Justin Sun

With the Asian community joining in the battle against Wall Street and greedy hedge funds in relation to GameStop, it will be interesting to see how far this will go and what the reaction will be. As Justin Sun agrees that today is Judgement Day for Wall Street.

However, whatever hedge funds, Wall Street and trading platforms throw at them, one thing is for certain – The internet is undefeated.

Source: Nikki Asia

SiGMA Group releases its latest publication:

SiGMA is proud to announce that the 13th edition of SiGMA magazine is now available online here. The magazine is packed with quality content, interviews and features coming from four different continents around the world – including Europe, Asia, Africa and LatAm. The magazine will be distributed by post to leading gaming and business companies worldwide. Should you wish to be featured in the next issue please contact Katy Micallef.

Related Posts

BGaming releases Hawaiian-style slot Aloha King Elvis

BGaming launched the brand’s new slot Aloha King Elvis! The game is the sequel of the most popular game in the provider’s portfolio called Elvis Frog in Vegas

Cute Elvis Frog – the main character of the story – this time goes for vacation to the tropical islands full of summer vibes and melodic guitar rhythms. A beach Hawaiian party with Elvis as a headliner will be explosive and full of fun! Eye-catching graphic and bright colors along with upbeat music parts makes the slot juicy and truly hot! The game is already available at reputable casinos such as Crazy Fox, Playamo and others.

Skywind Group partners with colourful online casino innovators Casumo

Skywind Group is very excited to announce its latest partnership with “your favourite online casino” Casumo, who will introduce their players to Skywind’s content in Sweden, Germany and UK

Casumo is a hugely popular operator that has been an influential brand in the world of iGaming for nearly a decade. They were pioneers in gamification and one of the first online casinos to offer tournaments with their “Reel Races”. Their vast amount of games and the bright colorful product design, which many operators later mimicked, has given them mass appeal and loyal players.

IZIBET.com goes live with EveryMatrix’s turnkey solution

EveryMatrix is pleased to announce the relaunch of IZIBET, the online brand has been successfully revamped via EveryMatrix’s turnkey solution earlier this summer

IZIBET is managed by the IZI GROUP, a gaming group that successfully operates the famous Malta-based Dragonara Casino since 2010. IZI Group also manages the largest network of sports betting shops in Malta and now has taken the step to further expand its digital presence and offer players the opportunity to play from anywhere on IZIBET.com.