Basically:
Edit: new info I’ve come across, apparently some hedge funds were looking to short Gamestop up to 140% of their stock value while they couldn’t even operate during the pandemic. Thus sending the company to bankruptcy and losing 15,000 people their jobs. Which starting this whole plan to pump up GME.
/r/wallstreetbets started a meme trend, let’s start buying Gamestop stock because Gamestock sucks for fun.
Since it was only like $10 a share, folks with disposable income said “Screw it, why not, it can only really go up.”
Well people took the meme to the moon and started buying tons of GME shares, then more normal people outside of WSB caught wind of it and bought more, rocketing the value up to $155 a share in a week. Then predictably it became mainstream, and people started selling to make money.
Thus WSB memed a bunch of people into becoming millionaires, showing the power of the internet.
They may be attempting the same thing with Blackberry stocks, but I wouldn’t hop on it, if anything, it got me to sub to WSBs and shows how game able the stock market it is with an internet hivemind.
EDIT: The original goal was to screw over Hedge funds companies and make a profit doing so. Hedge funds have a tendency to take out “shorts” on stocks where they borrow shares as a loan. They borrow the stock when it’s a bit higher so they can make money with it, then pay off their debit when the stock goes low to make maximum profits.
Shorting is not generally something normal civilian traders can do, so WSB wants to make the price for GME go through the roof high, and keep it there so when the hedge funds run their timer they have to pay back their shorted shares at an 800% loss. This bankrupts the Hedge Funds.
Hedge fund companies are well known for being scummy and utilizing blatant market manipulation (such as hiding GME and other stocks right now on trading apps to get people to panic sell) and were a big cause of the 2008 financial crisis which still cripples people to this day.
So all WSBs has to do… is nothing. Don’t sell, no matter what, the more people not selling, the faster the stock increases in value, and the more they screw over the hedge funds.
Naturally the Hedge funds are pissed and scared because unlike the “march on Wall Street” this genuinely hurts their bottom line, and sticks it to them in that normal people can be just as scummy as the investment companies that get regular bailouts from the government.