Feb 5, 2021
[1 min Read]
We already knew the power social media could play in shaping political views. Last week we witnessed the power of social media in the stock market. Essentially to counter large investors, who were short selling Gamestop with billions of dollars, a discussion group on reddit called "wallstreetbets" decided to invest in Gamestop to drive it to a bullish trend. It worked. It worked even more when Elon Musk tweeted in favor of it. To put it into perspective, Gamestop's values increased from $2 billion to $24 billion. Even today, the high was 91.50 and low was 53.3. Exactly 30 days ago it was 19.10 and 17.15. However, Reddit discussions, Facebook groups and other informal social places for investing have a lot of noise i.e there is so much inaccurate data that it becomes really tough to decipher which ones are accurate. This is where the biggest strength of Utradea lies. A social platform to inhance investing without the noise.