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.
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.