GameStop, WallStreetBets Inspire Opening Of Tip-Trading Bar In Tokyo And Young Investors Are Flocking
A bar — inspired by Reddit community WallStreetBets — has opened its doors in Tokyo and emerged as a place for investors to talk about stocks, Bloomberg reported Wednesday.
What Happened: The tavern — dubbed Stock Pickers — reportedly came into being in March after a successful crowdfunding endeavor raised more than $50,000.
The establishment is the idea of Satoshi Uehara, a pseudonym used by a popular investing influencer on Twitter.
Young investors are flocking up to meet Uehara but experienced traders are also turning up to offer advice to rookie traders, said Riki Yamauchi, the bar’s public relations manager.
Beverages at the bar include “Margin Call”, “Lehman Shock” and “Abenomics.”
See also: How to Buy GameStop (GME) Stock
Uehara took into consideration naming a drink “To the moon.” The drink, containing ardent spirits, was listed among several other r/WallStreetBets themed refreshments in a tweet that he reposted Wednesday.
to the moonはぜひ採用したい https://t.co/NGs4vLI6nh
— 上原＠外銀→投資家 (@uehara_sato4) March 31, 2021
A potential drink named after the Reddit favorite GameStop Corporation (NYSE: GME) would have its price linked to the retailer’s stock price.
Why It Matters: Reddit investors, particularly on WallStreetBets, took part in a short squeeze that buoyed shares of companies such as GameStop, AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), and BlackBerry Ltd (NYSE: BB).
See Also: Palantir Replaces GameStop As WallStreetBets' Top Interest
Yamauchi credited the phenomenon for the popularity. “It’s because of Reddit and GameStop.”
“People really care about what retail is thinking,” said Yamauchi.
Japan’s retail investors make up for 21% of the stock market, a rise of 5% from before the pandemic’s outbreak, noted Bloomberg.
In the United States, retail investors have doubled to nearly 20% of stock market volumes.
Price Action: GameStop shares closed nearly 2.4% lower at $189.82 on Wednesday and gained 0.33% in the after-hours session.
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