As if the Reddit-fueled rally of GameStop stock couldn’t get any more surreal, sports bettors are now betting on the success or failure of WallStreetBets.
Betting site MyBookie is now letting users wager on whether the gaming retailer’s stock will continue to rise over the next few months, or whether it will come crashing back down to earth.
As of this morning, bettors think the more likely outcome is that GameStop—which trades under the GME ticker symbol—will go above $420 before April 20. (Get it?) In other words, people betting against the stock stand to win more money if they turn out to be right.
But those bettors may have a reason to worry if today’s opening bell is any indication. GameStop opened at a staggering $354.83 on Wednesday, compared to a previous close of $147.98, continuing a trajectory that has captivated Wall Street over the last several days.
Reddit users on the WallStreetBets subreddit have pumped the stock with unwavering enthusiasm, with many saying they’ve poured their entire life savings into the investment (or “YOLO’ed their life savings,” to use the proper parlance). The stock’s rise comes at the expense of institutional investors who have taken a short position on GameStock and are now incurring enormous losses.
The latest bump for GameStock comes after Tesla CEO Elon Musk—a noted hater of short sellers—tweeted his apparent support for the rally on Tuesday.
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