• threshold [he/him]
    ·
    3 years ago

    Hi, can someone fill me in?

    From my understanding Gamestop were crashing in stocks and somehow reddit through pure show of force managed to raise it artificially causing a bunch of actual investors to think it was going good?

    Is there a better TLDR/article to read?

    • Brown_Pelican [he/him]
      ·
      3 years ago

      A bunch of rich ghouls shorted it. They “borrowed” shares and sold at $25 (for example) thinking GameStop would go bankrupt. They did this to the tune of 150% (maybe more) of the overall shares outstanding. Someone looked and went, wow this is bullshit. Well we could screw them out of money since they have to buy back their “borrowed” shares.

      So now they’re buying and holding and shorts are scrambling to cover their short positions.

      I hate the market but still, I find it hilarious when huge hedge funds are losing billions to some random 20 year old with robinhood.

          • aaaaaaadjsf [he/him, comrade/them]
            ·
            edit-2
            3 years ago

            It really is extremely funny and shows how fake the stock market is. Even fucking Elon Musk is tweeting about GameStop shares because he has a personal grudge against the hedge funds involved as they tried to pull the same shit and short/bankrupt Tesla a few years ago. Love to live in a world where apartheid Elon's personal grudge can wipe billions of dollars out of existence in mere seconds

    • bigboycumminthru [he/him]
      ·
      3 years ago

      louis rossman, the computer youtuber who's a big right to repair advocate, just put out a great video breaking it down. search him and you'll see it.