start to climb in late 2020 and the early days of 2021, in the midst of the pandemic, characters in the new movie "Dumb Money" start encouraging their friends to sell.
But those characters and others in the film, which hits theaters this weekend, don't just ignore that advice. They double down, buying more shares and options, and start to incessantly check their phones and TV news to see how high the stock is climbing.The very peak of the meme stock mania, which saw retail traders encourage one another to buy and hold heavily shorted stocks on social media sites like Reddit's WallStreetBets, came on Jan. 27, 2021.
The excitement has since ebbed, even if it hasn't gone completely away, and traders who bought shares on that day would now be deeply in the red. On Thursday, GameStop closed more than 78% below its all-time high. AMC was down more than 97% from its peak.Many social media traders discussed the meme stock moment in David vs Goliath terms — the retail traders versus the hedge funds.
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