Column: Young GameStop investors become Netflix, Hulu story
The couple became retail investors in GameStop stock at about $9 a share in 2020, just before the wild ride that took the retail chain’s stock on a seesaw path that saw it close as high as $483 in January 2021.
As a visitor to the Reddit social media website, he noticed the stock was being hyped by WallStreetBets, one of Reddit’s many special interest community groups. They discovered that online order numbers were numerical, so they bought items on consecutive days to try to estimate daily sales. Fonicello shared their findings with other investors via his GMEdd.com site.
Meanwhile, Roaring Kitty, later identified by investigative reporters as Massachusetts resident Keith Gill, continued to be bullish on the stock. Retail investors bought more and more. Fonicello declines to say how much stock he and Minor purchased, but they put all their available savings into it, first at about $9 and later at about $20 a share. He says they sold at a value 40 times greater than their investment — enough to give them financial security.Netflix’s “Eat the Rich” crew at a GameStop store in Connecticut. Joe Fonicello, gray hoodie, is with Abbe Minor, center.
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