In its IPO documents, Reddit said the price and volume of its stock could “experience extreme volatility for reasons unrelated to our underlying business.”
Beware the apes, Reddit told the world in its IPO documents, though not in such explicit terms. Put simply, the company warned potential investors that one of its subreddits, the infamous r/WallStreetBets, could make its stock price and volume extremely volatile—and there’s little Reddit can do about it.
During the meme stock boom of 2021, GameStop’s price rose from less than $5 at the beginning of January to a high of $350 in a matter of days, only to nosedive again days later. Nearly all of the gains on GameStop’s stock have evaporated three years later, with the company trading at $13.36 at close on Thursday. The same can be said for AMC, which in 2021 reached a high of $70 after starting the year at less than $10. Today, AMC shares are worth $4.42.
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