Imagine a mortgage balloon payment. Only this time, the inflated balloon is hurting the opposite people. Little guy is winning. Big guy jumping out the window, crying in despair.
They were betting GameStop would tank so they make money when that happens. So instead, ppl from Reddit started buying it at $8 a share. This drove the price up. When that happens, the big funds buy up more to cover the loss and drives the prices up.
The stock went from $8 a share to $355 a share in 16 days
Imagine a mortgage balloon payment. Only this time, the inflated balloon is hurting the opposite people. Little guy is winning. Big guy jumping out the window, crying in despair.
Good
2 hedge funds lost billions and went bankrupt
They were betting GameStop would tank so they make money when that happens. So instead, ppl from Reddit started buying it at $8 a share. This drove the price up. When that happens, the big funds buy up more to cover the loss and drives the prices up.
The stock went from $8 a share to $355 a share in 16 days
People are making money hand over fist