GameStop Can Thank WallStreetBets for Its S&P Credit Upgrade
- Retailer was able to wipe out long-term debt with equity sale
- S&P cited that in upgrade and noted new vision for company
This article is for subscribers only.
The Reddit army’s meme-packed campaign to boost GameStop Corp.’s stock price has now resulted in one of the most conventional victories on Wall Street: a credit-rating upgrade.
Hype on Reddit’s r/WallStreetBets forum drove the once-struggling videogame retailer’s shares so high that the company was able to raise $551 million last week by selling equity. That allowed GameStop to wipe out all of its long-term debt.