Amateur Stock Traders Briefly Befuddled by Subreddit for AMC Cars
Up until today, the AMC subreddit was a quiet little corner of the internet where owners of cars built by the American Motor Corporation, the dead-since-1988 automaker behind such hits as the Gremlin, seen above. New purchases, restoration projects, DIY tips, it was your typical car enthusiast group. But today, the AMC subreddit was briefly overtaken by investors and amateur day-traders hoping to find and share info on AMC Entertainment Holdings, the largest movie theater chain in the world. We're just has baffled as you.
The reason for the intrusion? Stock market speculators on the WallStreetBets subreddit. This subreddit is in the news this week after their collective actions launched the price of stock in the video game retailer GameStop to the stratosphere in a convoluted, sometimes baffling effort to overpower a huge financial hedge fund. Following their success in boosting GameStop stock prices from around $20 at the end of 2020 to nearly $350 as of this writing, the members of WallStreetBets soon set their sights on AMC Entertainment Holdings, another low-priced stock they thought was ripe for a coordinated value-raising.
In an effort to spread the word and spur conversation, traders, somewhat logically, found the "AMC" subreddit and barged on in, hoping to discuss stock-trading ideas and tactics. What they didn't realize is that they'd found the wrong group of AMC fans.
"THIS IS A CAR SUBREDDIT, NOT A STOCK MARKET SUBREDDIT," reads one post, written in frustration after several now-deleted off-topic posts on the movie theater chain cluttered up the once-quiet automotive community.
A moderator for the the AMC subreddit later published a post of their own apologizing for the slow removal of posts unrelated to American Motors, citing their location in Germany as reason for the delay (most WallStreetBets traders operate in U.S. timezones).
As of now, it looks like the AMC subreddit is back to normal, posting about cars rather than money maneuvers involving stock in a movie theater chain. And thus, our hopes for a revived Gremlin fade yet again.
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