The power of the internet is bringing individual investors together to crush Wall Street hedge funds and other investment bigwigs. It’s a new trend that’s only just getting started, CNBC’s Jim Cramer said on Monday.
“It’s the ‘wallstreetbets’ people.’ And they have ganged up, arguably allowed by free speech purposes, to center on a few stocks,” said Cramer, referring to the Reddit forum r/wallstreetbets. The few stocks the “Mad Money” host mentioned are GameStop, Bed Bath & Beyond, and AMC Entertainment — all heavily shorted and all soaring in epic short squeezes.
Short-selling is a bet against a stock, in which traders sell borrowed shares in hopes of buying them back lower in the…