They tricked a hedgefund into investing in GME? Is that what happened? I dont understand what they did exactly. I know r/wallstreetbets does some crazy shit sometimes
No the redditors heard that hedge funds were shorting GameStop stock and betting it drops. They got pissed and together bought a shirt on of the stock, forcing the price to go sky high. When the hedge funds that shorted it have to pay the current price they lose millions if not billions. It looks like blackberry and Amex stocks are next.
I don't think there's anything wrong with shorting in principle. But they shouldn't be pissed when they fail to account for investors communicating with each other either.
Hedge funds borrowed and sold almost 140% of gamestop stock. So at some point they have to buy the stock back to return it to the owners......but supply and demand. They borrowed and sold more stock than exists, so people jumped in to buy the stock and just sit on it.
Hedgefunds HAVE to buy the stock back, but no stock is available making the price go up and up. Now every one is sitting back and laughing at the wall street scum as they slow roast.
So far they are down $310 for every single stock they shorted since Jan 1st
GameStop and redditors fucking hedge fund - suicide weekend coming!
They tricked a hedgefund into investing in GME? Is that what happened? I dont understand what they did exactly. I know r/wallstreetbets does some crazy shit sometimes
No the redditors heard that hedge funds were shorting GameStop stock and betting it drops. They got pissed and together bought a shirt on of the stock, forcing the price to go sky high. When the hedge funds that shorted it have to pay the current price they lose millions if not billions. It looks like blackberry and Amex stocks are next.
Holy fuck. Thats actually kinda badass. Fuck hedgefunds for doing that
I don't think there's anything wrong with shorting in principle. But they shouldn't be pissed when they fail to account for investors communicating with each other either.
It’s called a short squeeze!
It is ground breaking on a large scale.
sometimes I really love those redditors! Chaos can be beautiful.
Got the ticker for amex?
91 billion was the number floating around last night.
Quick and dirty explantion
Hedge funds borrowed and sold almost 140% of gamestop stock. So at some point they have to buy the stock back to return it to the owners......but supply and demand. They borrowed and sold more stock than exists, so people jumped in to buy the stock and just sit on it.
Hedgefunds HAVE to buy the stock back, but no stock is available making the price go up and up. Now every one is sitting back and laughing at the wall street scum as they slow roast.
So far they are down $310 for every single stock they shorted since Jan 1st
Great summary.
Gamestop was about to file bankruptcy. Hedge fund managers wanted to get in on that sweet sweet money. Redditora fucked them
I thought Gamestop got saved by that Microsoft deal
Nah, wallstreetbets are average Joe investors who are buying stock after hedge fund managers shorted the stock.
Faggots first foray into finance.
They can enjoy their soirée for now.