Here’s the briefest of explainers: after many years of steady decline, GameStop was not doing well and their stock was super low. Then, they hired some new board members and the stock went up. Institutional investors (aka hedge funds) observing the phenomenon decided to “short” GameStop stocks to make a lot of money when it failed. Then the /r/Wallstreetbets subreddit caught wind of their scheme and started buying GameStop stocks like crazy, hugely inflating the price of the stock so some hedge funds lost all their money.
7 thoughts on “Wallstreetbets Reddit Beats The Real Wall Street: Funniest Reactions To GameStop Stock Scandal”
This is how the financial bubble will finally burst. All these retards who think they “get” the market are betting on stocks that were so low suddenly making the stocks worth way more than they should be. These companies cannot possibly pay back the money they would have to pay out to cover the cost of their stocks if they were to engage in buybacks. Eventually the real investors will wake up and pull their money out. In the end, no one will win. The economy is already in turmoil due to the shortage of microchips and this is going to break things even more. We are looking at another Black Friday by the end of March. Thanks Redditors!
Boo Hoo 🙄 How many GameStop employees would have lost there jobs if they had suceeded in their plan. They knew the risks going in. How is it ok for them to make billions but not us regular folks. They played the game and lost. Then proceeded to try and cheat. I hope they also get slammed in court. They are worse than the dog crap I scrape off my shoe.
@AInonymous: there’s 3 possibilities
1) you didn’t pay any attention to what is happening
2) you did but don’t understand it
3) you are one of them rich who are afraid to be eaten
Sounds an awful lot like when Trump was elected. Career politicians, media, celebrities – all freaked out because they suddenly became obsolete, and the whole thing was perpetrated largely by a class of people they considered beneath them. So they all banded together to try to prevent it from EVER happening again.
To really complete the analogy, the Redditors must enlist the help of a hedge fund manager to watch over their new found wealth.
Existential comics are actually socialist trash. Most others are hilarious. :D
Al-nonymous I’m not sure I understand your point. Are you suggesting that the those who are already rich and powerful should be allowed to keep screwing over those who are not rich and powerful?
This wasn’t some brave attempt to screw the rich … it was a pump-and-dump, and a lot of ‘little people’ got hurt, people who jumped into a situation that was fed by social media without really understanding what was happening. The instigators of the whole thing, the so-called ‘robin hoods’, were actually just as bad as the ones they were pretending to steal from. :(