I am not an investor. Explain the Game Stop thing to me please

[Notagin-kul-tiras (Notagin)]

Gamestop will either be a Circuit City or a Best Buy. One reinvented itself, survived and thrived. The other went bye bye.

[Elaice-blades-edge (Elaice)]

“Oh my!”

/10char

[Bombay-gurubashi]

Always do stop loss orders so you don’t lose like the funds did.

[Portage-stormrage]

Oy vey

[Akio-nazgrel]

@Bombay-gurubashi

Always do stop loss orders so you don’t lose like the funds did.

It might not have been possible here due to the size of their short. Because they’d need someone to buy billions in options as they were plummeting while the stock was rising.

[Mafic-emerald-dream (Mafic)]

What you are seeing is poetry in motion. I love it.

Power to the little people and including the little gnomes!

[Thundahstahm-stormrage]

@Shanaida-moon-guard

You forgot the “Hey” at the beginning…

I know the feeling though… Siri on my phone is a ***** too…

No this was elderly people yelling at their desktop. They don’t use Google Home because it’s a wiretap.

[Hoghouse-sargeras]

@Akio-nazgrel

It might not have been possible here due to the size of their short. Because they’d need someone to buy billions in options as they were plummeting while the stock was rising.

Plus…these “rogue” investors were sitting on the stock.

[Sendrian-darrowmere]

Discord Now ‘Working With’ WallStreetBets After Banning Its Chat Server

Does anybody still use Gamestop?

[Peach-windrunner]

The common folk decided to ban together and do the thing the rich people regularly do with stocks against them, so the rich people are upset and common folk is getting told they are doing something wrong and being blocked from the market.

In turn, people (the general public) are panicking (also some out of spite) and selling stocks rapidly which is tanking the market in some places.

The people “on the side of” the rich people (who stand to lose money) are now preventing the purchase of stocks on the platforms the common folk used to start this.

Besides blocking the platforms nothing of what occurred was illegal based on the current regulations surrounding purchasing stocks.

Fun fact: the rich 1% of the world’s population currently holds over 44% of household wealth.

[Grimmox-wyrmrest-accord (Grimmox)]

Absolutely not. Blockbuster isn’t being shorted because it’s absolutely worthless. Putting anything into it will make you lose money.

If you want to make money right now even if it’s a small amount buy stocks from any of the companies that are being shorted right now.

[Daneyth-wyrmrest-accord]

Actually here’s what went down, and is going on:

@Daneyth-wyrmrest-accord

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.

[Hoghouse-sargeras]

I know it’s not an exact match, but what is happening kind of reminded me of this scene.

https://youtu.be/2LzBN0aFPzw

[Callieamaya-proudmoore]

Honestly, when I heard this story the first thing I thought was “wow…Gamestop is still in business.”.

[Nightmove-ghostlands (Nightmove)]

That’s a very good explanation. The only thing that you left out is the motive of the Reddit crew to see big Wall Street short sellers that prey on the market lose millions/billions of their own more for a change.

[Voladorius-lightnings-blade]

I had a short sell hit me. My daughter wanted a Nintendo switch last April. Everyone was sold out. Target had them for $399 i think, but not in stocks. Someone went to target earlier and bought them out then put them up for sale for $599 on ebay. They sold them all, but money was good, so they sold even more, fully expecting to be able to get their hands on more for $399 at target. Two months later, they still didn’t buy them for less, so didn’t ship. We filed a cancelation, but since they thought having $500 in their pocket, so they just mailed us a water bottle that was about the right weight with water. Luckily we filmed the opening, so could prove that they scammed us and got our money back. That was a short switch sale.

[Aribeth-arygos (Aribeth)]

Reality: Stock Market is rigged

Oh and BTW I used to work for a hedge fund. Insider trading was the norm and ethics were ignored.