The Main Street traders who got the wealth are the ones who bought Gamestop at $20 and sold to the Reddit buyers at $300. It will probably stabilize somewhat above the original $20 with the short sellers chased off, but it will be a lot below the current price. Those late Reddit buyers who used their $600 stimulus checks to buy 2 shares will end up with 2 shares at $30. Right now we are similar to March if someone shouted "I'll pay $100 for that package of toilet paper".
Good to see the hedge funds nailed because they sell short and then drop hints on Bloomberg about how bad the stock is and never get caught for manipulation. But Gamestop is not worth $300+.
They should call it "reparations". Make the mediot's heads explode.
PE for most stocks is at historic highs now. If this drives everyone to value, it will be a “game” changer for every market...
Karl, there was naked short selling (120%) previously in GME. That will make the main street buyers whole because +20% stock must be bought back to cover the WSB’s short positions.
There’s more than enough ‘Must Buy Back’ positions to cover Main street investors purchases.
Twitter and facebook arent worth as much as their inflated stock prices either
Teitter lost money for over a decade while their stock continued to climb