A Group or Redditors Just Blew Up Two Hedge Funds Over GameStop.

[just444]

How an army of traders on the Reddit forum r/WallStreetBets helped drive a meteoric rise in GameStop’s stock price, forcing it to halt trading multiple times and causing a major headache for the short sellers betting against it: https://t.co/QNNo8s7GkZ
- Vox (@voxdotcom) January 26, 2021
so i don't really understand the whole thing, but the gist

Comments

[shangman]

Welp, this is pretty genius tbh

[false_hate]

GME is around $216 this morning.

[demikkusuu]

It was at $82 when I considered investing for the high and now I feel like a fucking fool

[false_hate]

Agreed, I always think I will somehow be a jinx and lose my bread by taking such risks.

[demikkusuu]

tbh same, i dont have the bandwidth to be fucking up my own energy with these scams. the best thing i ever did was buy bitcoin when it was <$5k and even then i was dragging my feet thrut he mud about buying more. so while its nice to see how much return I've gotten now that btc has been trending around $30k.... ill never be making "shut the fuck up money" from stocks lol im too conservative when it comes to my bag

[babs]

the only reason i know wtf any of this means is because i watched the big short lol

investor language is dumb

my rough understanding in layman's:

[babs]

big investment companies thought it was gonna fail / didn't think the stocks should be valued at their price - i don't understand where this stems from, but it usually has to do with their (in this case: gamestop's) debt and revenue numbers. then a bunch of nerds on reddit were like 'fuck you' and invested and it blew up

hedge fund = ppl give companies their money and they invest it for them, basically

Re: my rough understanding in layman's:

[vibeology_e]

Margot Robbie's got nothing on you!

Re: my rough understanding in layman's:

[_myaugust]

I watched the movie too and walked away even more confused, lol.
So in layman's terms, is this a good or bad thing for Game Stop?

[squirrels_oh_no]

Some guy yesterday who bought $700K of Gamestop shares now has $22 million worth of them.

[megalixer]

not that I think this dude is gonna hold on to all of that but can you imagine explaining the source of your family wealth as "did it for a reddit meme lolol" to your grandchildren

tho if he had $700k to throw into this, he's probs already wealthy

[midnitepopcorn]

He purchased at $4 this past summer and in 2019. $700K is expenses related to an earlier, fractional realization.

[megalixer]

damnnnnnnnn that's incredible tbh. can he teach me his ways.

[honeebs]

Wow good for them.

Thanks for explaining it.