BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy
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BlackRock Inc, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop Corp as retail investors pour money into the video-game retailer's shares. Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December. GameStop's stock has surged nearly 700% in the past two weeks in a rally fueled by interest from amateur investors on Reddit, forcing hedge funds to retreat from heavy losses and sparking calls for scrutiny of the social media-driven trading frenzy.

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  • Mardoniush [she/her]
    ·
    4 years ago

    Yes, but the superstructure has been affected, this is damaging to false consciousness.

      • Koolio [any]M
        ·
        4 years ago

        Because the added value isn't company-based, it's that there's a guaranteed buyer. It's like being a scalper, but instead of screwing people you're screwing a hedgefund.

    • whytho [he/him,comrade/them]
      ·
      4 years ago

      This puts words to how I feel about it, its very important as a cultural event I think, less as an actual material advancement of socialism.

    • glimmer_twin [he/him]
      ·
      4 years ago

      Sure it is a great example of the stock exchange being made up bullshit, that’s hardly new information though. And probably for every person that thinks “wow these guys proved it’s all a bunch of bullshit” there’s another person who thinks “wow what an awesome way to make money the stock exchange is awesome!”

      • Mardoniush [she/her]
        ·
        4 years ago

        If 50 percent of people come away from this thinking the market is a fuck and the rest come away as non committed opportunists we have probably tripled the left's current influence.