Transcript for Man who drove GameStop mania speaks out
The wild week on Wall Street fueled by a sharp squeeze. The Dow dropped 620 points on Friday. The S&P down 73 points but gamestop, a key stock behind the market chaos is still surging. ABC's Deirdre Bolton is here in New York City with the latest. Good morning to you, Deirdre. Reporter: Good morning, Eva. Some traders are resting after what was one of the most volatile weeks on Wall Street in years. Volumewise it was the heaviest since the height of the credit crisis in 2008. Is morning, there's a pause for market mania after the Dow plunged more than 600 points Friday. I never thought I would doing anything like day trading on gamestop. Reporter: A fight between professional Wall Street investors and an online army of amateur day traders. Professional hedge fund managers calculated two companies struggling retail game retailer, gamestop and AMC theatres were on the brink of collapse and bet against them by shorting their stocks but a group of amateurs brought together over social media purchased shares in both companies causing the stocks to soar and those Wall Street professionals to lose millions. Gamestop and AMC both closing up for the week. Gamestop skyrocketing 400%. AMC, more than 300%. Many are crediting 34-year-old Keith gill as the force behind the grassroots investing effort using Reddit and YouTube to offer stock tips. In an interview with "The wall Street journal," gill says this story is so much bigger than me. I support these retail investors and their ability to make a statement. Now many officials, analysts and market experts are concerned that market turbulence may hurt individual investors. The S.E.C. Says it is closely monitoring and evaluating the situation. Since many of these eyebrow raising trades are being executed on an online trading platform called robinhood that company is under extra scrutiny. Brokerages and other financial institutions do this all the time. It's just part of day-to-day normal operations. Every day people are taking control of their financial futures in ways that people haven't before. Reporter: Even young investors are taking advantage. 10-year-old Jaden received shares of gamestop as a gift for kwanzaa and now he has a few thousand dollars in profits earning him a moment in the spotlight. I think of it as like something fun to do and profitable at the same time. Reporter: If you are going to invest experts say true beginners should work with a financial adviser. A second tip, diversify so that all your eggs are not in one basket. Dan. It's a wild story, Deirdre. Thank you.
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