The Apes Just Resurrected WeWork Stock: 'It Will Go To The Moon'
Portfolio Pulse from AJ Fabino
The r/WallStreetBets community, known as the 'apes', are rallying behind WeWork Inc (NYSE:WE), pushing its shares up over 130% at one point on Thursday. This follows a similar pattern to the GameStop Corp (NYSE:GME) short squeeze in early 2021. Despite WeWork's financial distress and a smaller short interest of 2.57%, the Reddit community remains bullish on the stock.
August 10, 2023 | 8:11 pm
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POSITIVE IMPACT
WeWork's shares surged over 130% due to the support from the r/WallStreetBets community. Despite the company's financial distress, the Reddit community remains bullish on the stock.
The r/WallStreetBets community has a history of rallying behind distressed stocks and causing significant price movements. Despite WeWork's financial issues, the community's support has led to a surge in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
GameStop was mentioned as a comparison to the current situation with WeWork. The company experienced a similar surge in stock price in early 2021 due to the support from the r/WallStreetBets community.
GameStop was mentioned as a comparison to the current situation with WeWork. While the mention of GameStop does not directly impact its stock price, it highlights the influence of the r/WallStreetBets community on stock prices.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50