“Gamestonk” is the meme name for GameStop’s stock (GME) during the legendary January 2021 short squeeze, when Reddit’s r/WallStreetBets community drove the stock price from around $20 to nearly $500 in days. The word combines “GameStop” with “stonks” – the intentionally misspelled meme version of “stocks” featuring a bald CGI man in front of a rising arrow. When Elon Musk tweeted “Gamestonk!!” with a link to the subreddit, the term became permanently fused into internet history.
What gamestonk means
Meaning: A meme term for GameStop stock and, more broadly, the entire phenomenon of retail investors from Reddit banding together to challenge Wall Street hedge funds.
Context: Part financial event, part internet uprising, part meme singularity.
The event
Hedge funds had massively shorted GameStop stock, betting the company would fail. r/WallStreetBets noticed and collectively bought in, driving the price up and causing billions in losses for short sellers.
The culture
"Diamond hands" - holding stock no matter what
"Paper hands" - selling too early out of fear
"Apes together strong" - collective retail investor power
"To the moon" - stock price going astronomically high
How it happened
The timeline was wild:
- Late 2020: r/WallStreetBets users noticed GameStop was one of the most shorted stocks on the market. Hedge funds like Melvin Capital had bet heavily against it.
- January 2021: Reddit users started buying GME shares en masse, driving the price up. As the price rose, short sellers were forced to buy shares to cover their positions (a “short squeeze”), pushing the price even higher.
- Peak chaos: GME hit nearly $500. Robinhood controversially restricted buying. Congressional hearings followed. Melvin Capital lost billions.
- Elon’s tweet: Musk tweeted “Gamestonk!!” on January 26, 2021, adding rocket fuel to an already explosive situation.
The slang that came with it
- Diamond hands: Holding your investment through massive volatility without selling. A badge of honor.
- Paper hands: Selling when the price drops. Considered weakness.
- Apes: What r/WallStreetBets users called themselves. “Apes together strong.”
- Tendies: Profits (from chicken tenders, a running joke about what gains are spent on).
- HODL: “Hold On for Dear Life” – originally a crypto typo, adopted by meme stock culture.
- To the moon: The stock is going to astronomically high prices.
Why gamestonk mattered
Beyond the memes, the GameStop saga raised real questions about market structure, the power of retail investors, payment for order flow, and whether the stock market’s rules apply equally to Wall Street and Main Street. It was the first time internet culture genuinely shook the financial establishment – and it was hilarious.