Wednesday was a good day for the OG memes, and a bad day for zero-commission trading apps trying to act cool on Twitter.
Retail investors poured into OG meme stocks on Wednesday, as GameStop GME, +4.69%, AMC Entertainment AMC, +2.96% and BlackBerry BB, +5.03% all posted gains while Robinhood HOOD, -0.02% tried to bro-out with the meme-stock crowd but instead posted something off a “dad tweet,” infuriating many traders on social media who are already distrustful of the zero-commission trading app.
Optimism on AMC stock was further fueled by speculation that hedge funds that are naked shorting the stock will have to cover in the coming week or two, leading to a possible gain of 30% or greater. While GameStop’s Stans were a prime driver of the day’s move, a big moment for the stock came in response to Robinhood’s aspiringly cool tweet.
iframe.twitter-tweet { width: 100% !important; } The tweet did not land with much of its target audience, as many pro-retail voices teed off on Robinhood, mentioning its recent legal controversies and generally mocking the attempt at solidarity with the Reddit Raiders movement.A similar tweet apparently did land for GameStop, though, which deployed the meme to much more popular effect:
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