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Philosophy, Religion & Society / The heartwarming tale of GME
« on: January 27, 2021, 12:01:49 PM »
https://arstechnica.com/gaming/2021/01/the-complete-morons-guide-to-gamestops-stock-roller-coaster/
Let me try to sum this up. There is a hedgefund that's betting on gamestop to go out of business. They've shorted the stock heavily. There are a group of people who hate wall street crooks in general on reddit. Here's the thing about shorting a stock. It's very risky because your losses are theoretically unlimited.
So this group on reddit just decided "hey fuck this hedgefund in particular" and started buying GME. The results are marvelous so far. It's costing this hedgefund billions and Wallstreet is freaking out about it.
The aftermath is going to be interesting.
Let me try to sum this up. There is a hedgefund that's betting on gamestop to go out of business. They've shorted the stock heavily. There are a group of people who hate wall street crooks in general on reddit. Here's the thing about shorting a stock. It's very risky because your losses are theoretically unlimited.
So this group on reddit just decided "hey fuck this hedgefund in particular" and started buying GME. The results are marvelous so far. It's costing this hedgefund billions and Wallstreet is freaking out about it.
The aftermath is going to be interesting.