The shares of GameStop Corp. GME, AMC Entertainment Holdings Inc. AMC, Nokia Oyj NOK, and BlackBerry Ltd. BB traded lower at press time in the pre-market session on Thursday.
What Happened: The four stocks have been the subject of short squeezes led by members of the Reddit community WallStreetBets.
See also: How To Buy Nokia Stock
GameStop traded 6.5% lower at $325, while BlackBerry shares traded 14.7% lower at $21.4.
Nokia shares traded 16.6% lower at $5.46., and AMC traded 16.5% lower at $16.61.
Why It Matters: The drop follows similar price movements seen in the after-hours session on Wednesday as WallStreetBets briefly disappeared from Reddit and was taken down by Discord.
Several prominent personalities including Tesla Inc. TSLA CEO Elon Musk, “Shark Tank” host Mark Cuban, and Virgin Galactic Holdings Inc SPCE Chairman Chamath Palihapitiya spoke in favor of the Reddit community.
The New York Times reported Wednesday that Point72 had suffered a 15% loss this year over the GME short squeeze. Melvin Capital and Citron Research said earlier in the day that they had closed their short positions on GME.
Read Next: Dogecoin Shoots Up 62% As SatoshiStreetBets Looks To Emulate WallStreetBets Success With GameStop
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