Reddit users have some fun with the stock market, Facebook predicts advertising challenges and ByteDance is cutting jobs in India. This is your Daily Crunch for January 27, 2021.
The big story: GameStop becomes a meme stock
GameStop’s stock continued to climb today, along with Blockbuster and AMC — all stocks shorted by institutional investors. These gains were apparently driven by users in the r/WallStreetBets subreddit.
We’ve rounded up the fairly non-committal statements from various trading apps like Robinhood about how they’re responding to this volatility.
And Lucas Matney asks how this might affect cryptocurrencies: “For investors looking to have a good time or shoot the moon, meme stocks are a more fun place to…