“HOW DARE POOR PEOPLE MAKE MONEY!!“
They won’t . A bunch of millennials with no investing experience will lose everything they put in.
They sound a lot like the uninformed who borrowed money to buy stock in 1928.
Nothing wrong with poor people investing. But these kids are gambling .
Here’s the thing... a lot of them put in $500 maybe? Its the Robin Hood effect. It will be a great lesson for them. Meanwhile, a LOT of them will make a lot of money.
Well right now some of them are ahead by a LOT.
“They won’t . A bunch of millennials with no investing experience will lose everything they put in.”
No they won’t. They will get the joy of knowing their 50 or 100 bucks helped destroy a short selling predator that was going to take down a company they loved.
Sheer, hedonistic, joy.
The short seller buys an appetizer for 100, the Reddit kids shoot a guided missile of mayhem into his life.
they will be left holding a 300$ stock worth 20$. It won’t be so much fun then
When the price of GameStop ran up from $20/share to $380/share there had to be investors buying at $380. These weren't amateurs buying in at $380/share. Most of the stock sales at the inflated price were being made to buyers who were FORCED to pay that exorbitant price — i.e., hedge funds that had shorted the stock weeks or months ago and had to meet margin calls because they had borrowed heavily to sell them short in the first place.
If the losers in this kind of fiasco were "a bunch of millenials with no investing experience," you wouldn't be seeing big-time players on Wall Street falling all over themselves to put an end to it.
we are gambling absolutely but we are also saying SCREW YOU WALLSTREET YOU HAVE BEEN SCREWING THE LITTLE GUY FOREVER BY PLAYING YOUR GAMES...
and it felt pretty good. Many will lose their shirts and many bought just one share just to come together as one to let them know we remember what they did in 2008 when they got the bailouts and we lost our 401K’s- they were trying to destroy Gamestop and we decided to turn it back on them.
Nothing wrong with poor people investing. But these kids are gambling .
I agree they are gambling, but so are those hedge funds that:
Take a huge short position in a company, then
Issue a report trashing the company, in an effort to drive the stock price down, thus making their short position very profitable.
The funds are also gambling, but they are doing in with a stacked deck, courtesy of corrupt politician who have set up the system to benefit the funds, in exchange for massive campaign donations. These politicians are in both parties.
Not just gambling but destined to fail.
I will enjoy if their gambling wipes out the firms that have no problem destroying economies and companies. Especially when they are all tied to politically connected vermin destroying our nation.
Thurston, pull the silver spoon out of your a$$.