Gamestop Wallstreet and reddit

[brettdale]

This whole thing is far too complicated for me to understand.

But am I right in thinking, the wall street guys, love capitalism, and want zero regulations, until
yesterday when a bunch of gamers, beat them at their own game, and now wall street wants regulations
to stop individuals beating them at their own game?

[drray23]

1. not quite.

The app called robinhood from which the reddit investors were carrying out the purchase of gamestop shares is owned by an hedge fund.
Once the hedge funds started losing money on their short positions they decided to rig the game by disabling purchases of further shares from the app. Its a flagrant attempt to rig the system in their favor.

[Celerity]

2. here is an actual clear explanation (plus more info on how the hedge funds are illegally trying

to openly, brazenly colluding with sister firms to fuck over all the small investors and illegally get out of tens of billions in LEGAL losses by locking all but the hedge funds)

Link to tweet

Alexandria Ocasio-Cortez
@AOC
Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino


my short explanation:

a bunch of small day traders on reddit organised to buy up GME (GameStop) stock as the giant hedge hedge fuds held huge short positions (betting the GME stock would go down). The stock is up (or was) 18,000% from its 52-weel low, meaning the hedge fund shorts are get massacred for billions as they have to cover their short positions. The reddit group and others are moving onto new targets in similar positions as well, like Blackberry, Virgin Galactic, AMC, Koss, Express, etc etc.

It is a war on the hedge funds by thousands of small day traders.

It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher

https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693

Link to tweet

[Lady Freedom Returns]

3. Watching the news unfold with this is better than the daytime soaps!

They need to use this as a sequel to the movie "Too Big to Fail".

[mdelaguna]

4. It's fascinating!

Was reading on r/wallstreetbets last night and now more traditional investors are joining in with big buys on principle because it’s become a “social class” issue and they are sympathetic-some are calling it “Occupy #2! Other trading cos were allowing buys after Robinhood stopped!

[mdelaguna]

5. Or so the posts claimed! Nt

[JuJuYoshida]

6. This is crazy but

I bought stock in GameStop around 1996 not thinking anything of it, I’m gonna sell today and see what happened.