GameStop stock: Defiant WallStreetBets Redditors buy billboard on Times Square, say they won't sell

GameStop investors have bought up billboards in at least two US states, including one on New York's Times Square, to show they won't budge despite fears of an imminent correction.

Bolstered by groups of small-time investors on internet forums like Reddit's WallStreetBets, GameStop's stocks have been pushed sky-high recently, angering hedge fund managers who had bet the companies' shares would fall.

The massive jump in GameStop stock ($GME) - up 2000 percent since the start of the year - started after Redditors decided to join together in purchasing shares for the game shop chain which has struggled during the pandemic and from the rise of online retailers.

Robinhood, an application that promotes "investing for everyone", on Thursday restricted trading on the GameStop shares as well as for other companies being bought up by Redditors, such as struggling cinema chain AMC. It said the decision was made "in light of recent volatility" and that it was "important as ever [to] help customers stay informed".

That sent the stock plunging and sparked fury from investors and political figures like Democrat Alexandria Ocasio-Cortez and Donald Trump Jr, who both called for an investigation into the trading halt.

On Friday, trading restrictions were eased and $GME skyrocketed back up to US$325 a share.

And now, despite bubble fears, Redditors are showing publicly they have no plans to sell.

A digital ad emblazoned "$GME GO BRRR" ran for an hour on Friday on New York's Times Square after Reddit user 'Psatta' bought the spot for just $18.

The GameStop billboard on Time's Square.
The GameStop billboard on Time's Square. Photo credit: TikTok

"$GME" refers to GameStop's stock ticker symbol while "Brrr" symbolises the sound of a money-printing machine. 

'Psatta' told The New York Post he did it to support the stock and make people smile.

"I'm considering running another but want to see how the sentiment is on Monday."

Another digital ad has been spotted on an Oklahoma highway. It reads "We're not leaving! GME" with 'diamond hands' and rocket ship emojis.

Oklahoma local Tess Jenkins, who posted a photo of the billboard on WallStreetBets, told The Post she thinks it's "great".

"I think more power to the people. I am excited. I am very happy this is happening. This last year has been kind of crazy. I've enjoyed it. My husband has been dancing," she said.

The movement has so far led to billions in losses for Wall Street hedge fund titans, some of which have needed to be bailed out.

Many see it as revenge for the Global Financial Crisis of 2007-2008, where hedge funds sought to profit from mortgage defaults, contributing to a meltdown in the whole financial sector.