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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
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Meme stocks rally as markets tank

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
May 12, 2022, 11:54 AM ET

Major indexes might be doing their best to tread water Thursday, but two of the biggest meme stocks are seeing their best day in months.

GameStop and AMC are both seeing gains in the neighborhood of 20% as of 11:15 a.m. ET—and trading on GameStop shares have been halted multiple times today because of volatility.

At one point earlier in the day, GameStop was up 30%.

It’s a resurgence for the two companies, which were the biggest darling of the r/wallstreetbets forum on Reddit last year. Both companies have seen their share prices tumble from the “to the moon” peaks of 2021, and that has once again caught the interest of short-sellers.

Quoting FactSet, CNBC reports AMC has short interest of 19.5% and GameStop’s level is currently 21.4%.

That has seemingly once again brought out the self-described “Ape” traders on Reddit, who celebrated the gains and urged each other to continue buying once again in threads with titles like “Once more unto the breach, dear friends, once more. The last YOLO.”

“Away we go boys,” wrote user outtathesky_fellapie.

“They called us dead in the water, I think not,” added Then-Display-1600.

r/WallStreetBets was behind January’s explosive growth in GameStop shares, as well as notable gains in AMC, Bed Bath & Beyond, and other companies that were in decline for much of 2020. Massive buying by individual investors created a so-called short squeeze, which occurs when short-sellers—who bet a stock’s price will fall and sell shares they borrowed—have to buy shares in order to exit their positions, pushing the stock upward.

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About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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