Business & Finance The GameStop Short Stock Sensation

[prinCZess]

Per my basic-bitch understanding of the situation:

1) Hedge fund goes balls-to-the-wall on shorting Gamestop stock because streaming and whatnot, resulting in bizarre situation where they're actually 'betting' more stock will decline in value than Gamestop stocks actually exist*.
2) Rando reddit-investors notice the hairy ballsacks hedge fund has slapped against the wall committing to this abnormal (I hope abnormal, at least) position.
3) Broad 'meme' purchase and hold of Gamestop stocks by aforementioned rando reddit-investors sends price skyrocketing and hedge funds position gets castrated.

*fuzzy on how this bit works...or why it's legal/done since it seems good candidate for getting your clients money lost?

It's a bizarre situation, and one disconnected from the actual market value of Gamestop as I can tell. Gamestop's stock in this case is simply serving as a vehicle for bad calls to be...called-out. Which seems great. Hedge fund putting themselves in such a shitty position seems ridiculous, fiduciarilly irresponsible, and questionable even from my completely unknowledgeable position.

It's also immensely hilarious. Both in principle since these are the 'experts' of investment, and in ra-ra populist silliness and/or spite produced from both sides of the political aisle sticking it to 'the man'.

 

[S'task]

It's also immensely hilarious. Both in principle since these are the 'experts' of investment, and in ra-ra populist silliness and/or spite produced from both sides of the political aisle sticking it to 'the man'.

With the cherry on top of the hilarity being that the stock being used here is Gamestop, which already had mimetic status among Gamers going back years if not decades. Especially for how little they would pay for used games while turning around and selling same said games at incredible markups. There's just so many layers to this hilarity of this cake... Gamestop is a store that everyone knows, it caters to the average person and so everyone knew it was in decline... the history of memes, and then the populist sticking it to the man... just... so many layers.

 

[PsihoKekec]

Sure, totally believable, they absolutely didn't punish them for making rich people a little less richer.

 

[Cherico]

I have a headache from laughing so hard at this. The asshats on Wall street just can't comprehend the Waaaagh!!! mentality of the redditards.

The more you read up on wall street culture the more you get the feeling that these are semi functional psycopaths and not normal people.

 

[Abhishekm]

What the frack? 460 in the pre-market? Is this thing broken?

 

[Husky_Khan]

Sure, totally believable, they absolutely didn't punish them for making rich people a little less richer.

The White House is 'monitoring the situation' as Reddit pushes GameStop stock even higher

The moribund game retailer's share price climbed to $350 today. How does this end?

www.pcgamer.com

Uh oh. Maybe Biden should mobilize the National Guard. Station a platoon at every GameStop location. Roll the tanks into Overwatch positions in Wall Street.

Buy up a bunch of unsold New York Times papers and lay it on the ground of Zucotti Park so the Guardsmen have a place to sleep.

 

[Rocinante]

Damn I missed gamestop and now I can't buy AMC either.

I have a friend who made out huge on gamestop.

 

[Abhishekm]

Seriously though who Buys at 450? Its dropped 'down' to 360 now. With what looks like most of the known Retail Trader platforms banning buying and only allowing selling. Whose still buying except Institutional Investors? If they are where exactly?

Honestly wondering if the hedge funds saying they closed all their Shorts yesterday was a lie. Somebody is still buying somehow apparently.

Edit: Not giving financial advice I'm a dumbo when it comes this stuff who thinks it all looks like a sham. But seriously guys don't get roped in at this point. If you have any significant amount of your money in it consider liquidating. If you just have a little bit and are doing this for the sake of it fine hold if you want, but don't go more in.

 

[Airedale260]

Am I alone in thinking this is all fine? This is the market working as it's supposed to. Someone was overleveraged (i.e. doing stupid stuff), someone noticed it and exploited that to make money, and balance was restored to the Market. It's clearly an example of the market self correcting that many people want to be a sign that the market doesn't work, when in reality they just demonstrated it working very well.

No, I don't think so. I mean, I'm not enthused about there being more and more bubbles because that just creates further headaches down the line, but this is someone taking a bad bet and getting hit with the consequences. Not that most people really understand that...

 

[LindyAF]

Robinhood and others not allowing buying GME anymore.

 

[Rocinante]

Robinhood and others not allowing buying GME anymore.

Gme, NOK, amc, bb, all taken off robinhood.

I smell a big fucking lawsuit coming

 

[Abhishekm]

Gme, NOK, amc, bb, all taken off robinhood.

I smell a big fucking lawsuit coming

Probably decided it would be cheaper than the alternative.

 

[Battlegrinder]

Gme, NOK, amc, bb, all taken off robinhood.

I smell a big fucking lawsuit coming

They'll be lucky if it's just a lawsuit. Biden needs something to keep the progressive wing of his party happy, and going after some inarguably guilty wall street types and the tech companies that colluded with them is perfect to both trigger a feeding frenzy on the left and have the right stay out of it or even pitch in.

 

[Rocinante]

They'll be lucky if it's just a lawsuit. Biden needs something to keep the progressive wing of his party happy, and going after some inarguably guilty wall street types and the tech companies that colluded with them is perfect to both trigger a feeding frenzy on the left and have the right stay out of it or even pitch in.

Here's a chance to aim for the "unity" that they preach about

 

[ShieldWife]

I don’t think that any significant number of people on the left are going to care. Biden is probably the most pro-corporate, pro-Wallstreet president in our history and nobody on the left cares. He’s not Orange Man, so he good. He can sell us all into corporate slavery and the communists will cheer as long as he does it in the name of fighting white supremacy.

 

[Battlegrinder]

I don’t think that any significant number of people on the left are going to care. Biden is probably the most pro-corporate, pro-Wallstreet president in our history and nobody on the left cares. He’s not Orange Man, so he good. He can sell us all into corporate slavery and the communists will cheer as long as he does it in the name of fighting white supremacy.

That still works out as a net positive, the attack ads practically write themselves.

"In a fight between wall street and the little guy, [Canidate} backed....wall street" isn't a message anyone wants to see filling the airwaves during a reelection campaign.

 

[LindyAF]

That still works out as a net positive, the attack ads practically write themselves.

"In a fight between wall street and the little guy, [Canidate} backed....wall street" isn't a message anyone wants to see filling the airwaves during a reelection campaign.

One wing of uniparty isn't going to really go after the other over their mutual interests.

 

[Abhishekm]

Eh, its atleast been making people aware of this syards.

Edit: Also atleast some are holding, godspeed you inglorious ba$tards.

 

[Battlegrinder]

One wing of uniparty isn't going to really go after the other over their mutual interests.

No, but the other party can, and will.

 

[ShieldWife]

That still works out as a net positive, the attack ads practically write themselves.

"In a fight between wall street and the little guy, [Canidate} backed....wall street" isn't a message anyone wants to see filling the airwaves during a reelection campaign.

The mainstream media, including all the tech companies that control 99% of the internet will support Biden and Wall Street. They’ll say that anybody who talks about Wall Street corruption is an anti-Semitic conspiracy theorist Nazi and that will become the prevailing narrative that most people will believe. Posts about Wall Street will be automatically covered with a “fact check” or just deleted. They are already using “hate speech” to justify suppressing the ability of the people to influence Wall Street.