I’m skeptical of the media narrative that this is casued by Redditors.
It was caused by the hedges overshorting the stock. The Redditors just figured it out and were able to take advantage before the hedges realized what was going on. Tomorrow is going to be nuts.
I was a bit skeptical as well at first, but at this point they have the mindshare to move markets. If I thought I could spend $500 - $1000 and completely destroy some of these bottom feeders that exist to game the system and undermine it's fundamentals, I'd be totally willing. I wish I'd heard of this when it started and jumped on board. My exposure would be the $500 or whatever. I can dump that in a casino in an evening. The pleasure I've taken in reading about this whole thing would have been worth the loss of every dime. Those hedge funds that are short have unlimited exposure. This entire thing was brilliant.
I hear they are going to try to run up silver a bit next. It may or may not work. If it does, I have several pounds I'll unload when my Sell price is reached.