Massachusetts Investors Cash In During GameStop Stock Fiasco

BOSTON (WBZ NewsRadio) — While hedge funds may be recovering from big losses in the last week's GameStop fiasco, some local investors are celebrating their big wins.

Perry from Brighton is an active member of r/wallstreetbets, the forum on the website Reddit, where small-time investors talk stocks.

He told WBZ NewsRadio he had a very good week.

"I made more money than my usual two-week paycheck," Perry said. "Pre-tax, even."

A few days ago, users on the message board decided to buy shares of GameStop, which has had a declining stock price for years now. They bought so many shares that the stock went up as much as 14,300 percent.

That's great for small-time investors like Perry, but not so much for the hedge funds which had already bet big against the video game retailer. They lost billions of dollars.

It was such an unforeseen swing that popular stock trading apps like RobinHood temporarily blocked users from trading GameStock, a move which angered lawmakers from Rep. Alexandria Ocasio-Cortez (D-NY) to Senator Ted Cruz (R-TX.)

It's a very complicated scenario that's still developing, but many see it as a 'David and Goliath' situation, where the little guy won.

"I guarantee people will be talking about this for years and years to come," Perry said.

WBZ NewsRadio's Matt Shearer reports:

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Written by Brit Smith

(Photo: Getty Images)

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