What's going on with Gamestop

HigginsHiggins GermanyPosts: 16,350MI6 Agent
Some of you may have heard about the phenomenal rise for Gamestop Shares and there seems to be an interesting story behind:

Some hedgefunds where betting against Gamestop recently by betting for falling share prices for Gamestop.
That initiated a large wave of amateur investors in the Reddit universe to buy Gamestop shares to punish them and now the hedgefunds are having massive losses because they promised to sell Gamestop shares for very cheap while not owning those shares.
So they must buy them now on the high price level

Imo well deserved - couldn't have happened to a nicer bunch of people :)) :))

https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street
President of the 'Misty Eyes Club'.

Dalton - the weak and weepy Bond!

Comments

  • Sir Hillary BraySir Hillary Bray College of ArmsPosts: 2,171MI6 Agent
    I have no sympathy whatsoever for the hedgies, especially the short-sellers, but the notion that the GameStop silliness is just a bunch of scrappy amateurs sitting in their basements and "sticking it to the man" is such garbage. You know who's been spurring them on -- oh wait, Elon Musk, the, um, richest man in the world. This is the equivalent of giving someone the finger -- it feels good when you do it, but it ultimately doesn't change much of anything. We all know that Wall Street is a casino, which means the house always wins.

    But hey, in a world torn between haves and have-nots and a pandemic that seems mostly to bring about the polar opposite feelings of intense stress or total boredom, I have to admit it's quite entertaining. Plus, now I can finally explain short-selling to my children! :D
    Hilly...you old devil!
  • HigginsHiggins GermanyPosts: 16,350MI6 Agent
    In all honesty, I don't follow those Reddit people at all.
    As far as I know, Musk entered to a pretty late point of that game - but I may be wrong.
    And wasn't Musk ranting against constitutional investors in his own company not so long time ago?

    But agreed, that many of those "amateur investors" have now smelled blood and their main motive is greed now
    President of the 'Misty Eyes Club'.

    Dalton - the weak and weepy Bond!
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